Nancy Pelosi will not only lose the Speaker of the House chair, but she might seriously consider not running again for Congress--the 112th Congress will be her last term.
Harry Reid could lose the this election. Even if he survives (barely!), there will be a movement to replace him in whatever role he could get (whether Senate Minority or Majority Leader). Don't be surprised that Charles Schumer--despite his liberal politics and his penchant for getting on camera a tad too much!--gets the Senate Minority or Majority Leader role.
Nancy Pelosi is done.
Chuck Schumer will become the next Democratic Senate leader. Harry Reid is gone.