For the first time since 1960, a sitting U.S. Senator is posed to win the presidency. Most recent presidents have been governors, which has been taken to be an indication that the electorate supports the small government, state rights position that conservatives have stood for.
Maybe this is no longer the case, which argues for a realignment of sorts, but this point is tempered by the fact that the Senators are from both parties. Of course, McCain has not been embraced by conservatives, so that still tells us that something is up.