The sleeper in this election is the apparent supermajority for the Democrats in both houses of the Legislature. This is huge news, if it holds; for the first time since the passage of Prop. 13 in 1978, which mandated a two-thirds vote to raise taxes, it's actually possible to govern and set fiscal policy without the no-taxes-ever-no-way Republicans being obstructionist.
In fact, as the Chron points out, Republicans would be essentially irrelevant in Sacramento.
That doesn't mean everything's just fine and dandy in the Legislature -- the moderate-to-conservative Dems are sometimes as bad as the Republicans. But it means that if the Democratic leadership can craft a sane budget plan that raises some taxes (beyond what Gov. Brown did with Prop. 30), there's a chance it could actually pass and the state could get back on track.
Of course, that assumes the governor will be on board, and he may not. Brown promised that he would never raise taxes without a vote of the people, and he got his vote, and it was close, and I bet he says: no more. Which is a problem, because Prop. 30, while absolutely necessary to keep California from falling off a cliff, only stabilizes the state's revenue situation. It does nothing to restore the billions in cuts that have been made in the past decade and doesn't even begin to put the state in a position to invest in, say, new education initiatives.
This could be a profound moment, a chance to make the state great again (and in the process, prove what can happen if you get rid of the minority-rule that's crippled the Legislature for decades). It's too great an opportunity to miss.