I'm not so optimistic to believe that killing the health care bill will be the end of it but the sentiment is EXACTLY right. There will always be enemies of Freedom around. There will always be a fight to defend our natural rights and we must stay vigilant because the fight can come from any direction.
It was easy to see the "Enemy of Freedom" in Obama because he's blatant about it but that same enemy reared its head when GWB and McCain decided to reject free market principles in light of economic "difficulties". The "Patriot Act" had aspects that were indicative of Tyrants rearing their head. Even the entitlements we "like", such as Medicare and Social Security, are shadows of the "monster" you describe.
We'd better get used to fighting this beast because this as as close as we've ever allowed it to get to daylight and no matter what happens it'll be back for another round.