The Dying of the Light?

Over at Instapundit , in the course of calling David Frum a Gloomy Gus, Glenn Reynolds writes :

conservatives and libertarians should be feeling a lot better than they did a few months ago, as the Obama aura is dissipating much faster than even the most optimistic might have expected.

Is this right? I know that, in recent days, I have been more optimistic about the turning-back of at-least the worst ideas for health-care reform and cap-and-trade, but do others feel the same?