The Impact of Waxman's Win

CongressDaily, as always, puts it concisely and on the money:

The vote weakens the seniority system and signals the rise of California liberals who backed Waxman. It also strengthens House Speaker Pelosi, who stayed neutral but whose allies supported Waxman's bid. The result gives Waxman, an environmentalist, a key role in shaping legislation on climate change, energy, healthcare and other priorities of President-elect Obama. Dingell will stay on as chairman emeritus.