Not quite...more like what happened to the Dems in '68.
1992 - 2000 was to the Dems what 1952 - 1960 was to the Pubs: a two-term interregnum in the established order.
But 1968 marked the end of an era, and my guess is that 2008 will be seen as marking the end of another era. There may be a Pub prez or two in the coming years, but the underlying current has shifted, and the underlying approach to problem solving will be more oriented towards the Dems than it will be to the Pubs. The coming years won't be liberal in the old FDR sense, but they will be progressive.