They're classic Reagan Democrats - fiscally liberal, socially conservative. Traditional Libs (read: Jews+Blacks) are going to find themselves without a party since Latinos tend to oppose gay rights and other favorite liberal social causes. (The LA Times actually had a detailed article on this very topic last week.)
On the other hand, both private and public sector unions will benefit greatly (it's why we saw the service/gov't unions break from the old-time mfg unions earlier this year). We'll see a run up in spending, higher taxes, and bond packages issued to cover budget shortfalls.
In other words, California for all.