Your crystal ball is as good as mine. Mine says the following will happen to federal contracting under the new Obama administration.

1. War spending will go down, slightly impacting DOD contractors negatively.
2. Bailout spending will go way up, impacting federal contractors in general and engineering, financial, and consulting companies in particular.
3. Spending on engineering and construction will sky rocket at the state and local level.
4. GSA will dream of a new schedule for real property engineering (A & E) services and construction for use by federal, state , and local governments. A new infrastructure related schedule would make would make sense to speed up infrastructure spending and job creation. But don't bet on it because a new schedule would require that Congress change arcane laws for A & E and construction procurement and it may not see this as its highest priority.
5. The Information Technology and Total Solutions for Law Enforcement GSA schedules are currently the only two GSA schedule authorized by Congress for state and local agency use. These two schedules will be probably be used more frequently by state and local agencies as bailout money filters down from the federal government.
6. Congress may consider authorizing state and local use of more schedules but his may be wishful thinking.
7. Acquisition reform will focus on contract transparency, ethics reform, and a renewed effort to increase the federal acquisition staffing
8. Several high visibility contracts will be cancelled including large, marginal information technology contracts.
9. In years 2 and 3 small business preference programs might be restructured.
10. Information technology products and service and telecommunications companies will see increased revenues from governments in the longer term (3-5 years).
11. Companies selling green products and services see increased sales opportunities from all levels of government.

In my view we will see business as usual and continued growth in government contracting.