It remains to be seen if the Tea Party movement becomes the motivating faction of the GOP and their enthusiasm spreads within the ranks. If this does become the case and they embrace the Tea Party and their ideals, then the GOP will make significant gains in the coming Fall elections and in 2012.
I would mildly disagree with your assessment of the Republican party - I think it's the GOP Leadership that is neither motivated nor inspirational. Although Mitch McConnell has an occasional bright moment, a few minutes listening to John Boehner or Michael Steele will cure even the most severe case of insomnia. Their wooden, stultifying demeanor and the lack of substance in their rhetoric are the main reasons so many Republicans are attracted to Palin - she's attractive, enthusiastic and sincere in addition to being in tune to the conservative principals that have made the party successful in the past.
The GOP desperately needs to put new leadership in place, and do it soon. There are several bright new faces coming to the forefront besides Palin; Eric Cantor, Michelle Bachman, Tim Pawlenty, Bob Corker and Paul Ryan (my favorite) just to name a few. There are several more that are not in office that would make excellent replacements for Steele. The sooner these changes take place, the better.