Jonah Goldberg has some thoughts
Look, I expect to be one of the most severe critics of the Obama administration and the Democrats generally in the years ahead (though I sincerely hope I won't find that necessary). But Obama ran a brilliant race and he should be congratulated for it. Moreover, during the debate over the financial crisis, Obama said that a president should be able to do more than one thing at a time. Well, I think we members of the loyal opposition should be able to make distinctions simultaneously. It is a wonderful thing to have the first African-American president. It is a wonderful thing that in a country where feelings are so intense that power can be transferred so peacefully. Let us hope that the Obama his most dedicated — and most sensible! — fans see turns out to be the real Obama. Let us hope that Obama succeeds and becomes a great president, for all the right reasons.
The rest here.
I wish America well, and if that requires Obama to do well as President, then that's how it goes. I would rather Obama do a good job and have America stay free and do well than have Obama screw up and ruin the country.
And it's at least worth remembering that the job of political conservatism is not simply to see Republicans win every election, it's to move the country to the right. Conceding from square one that Obama will be the most leftwing presidency imaginable is not the best way to prevent that prophecy from becoming true.
I do hope that the "Loyal Opposition" can avoid any Obama Derangement Syndrome.