Ezra Klein doesn't think it is 1994 all over again:
Politics is generally viewed as a zero-sum game: When one party gains, the other loses. But Republicans have pursued a strategy turning politics into a negative-sum game: Both parties lose. They have effectively harmed the Democrats' agenda but done so at great cost to their own favorability numbers.
Charlie Cook looks at the districts in contention:
Have you been in the South lately? The level of anti-Obama, anti-Democratic and anti-Congress venom is extraordinary, and with 59 Democrat-held seats in the region, 22 in or potentially in competitive districts, this is a very serious situation for Democrats. I have had several Democratic members from the region say the atmosphere is as bad or worse than it was in 1994.
It's possible, and perhaps even probable, that the GOP strategy for 2010 is to create a political environment so toxic and voter-alienating that Republicans can win a very low turnout election by whipping their base into a genuine frenzy. That's obviously not a very good scenario for the country, and it remains to be seen if it's even good for the GOP.