Arlen Specter is/was th chairman of the intelligence committee. In your eyes does he represent the sum of all Republican thinking? No. No one really "speaks" for either party, and Rangal certainly doesn't, especially with all the new moderate Democrats in the House. Rangal is talking the talk, but he won't walk the walk.
My bet is that we'll see more oversight on contracting. Probably no more no-bid contracts to Halliburton and other companies(imagine, the government trying to get the best deal for its money). There will probably be a committee investigating the buildup to the Iraq War. It will have a couple of interviews, sit in obsurity for a few months, and issue a report that the media will notice for about a week.
Outside of funding, which they wouldn't dare touch, a couple of oversight committees and hearings, the Congress doesn't really have all that much authority. The Democrats will push for some more accountability, which is good. In many ways I think we have an ideal situation. Bush and the Democrats are going to have to compromise on Iraq. That means no more "staying the course" (like that's gotten us anywhere) but no "immediate withdrawal" and at best a mid-term (2-5 year) phased withdrawal. I don't like timelines for war; I prefer goals, but whatever comes out will be better than the current plan (or lack thereof).More importantly, it'll hopefully result in Bush changing tactics in Iraq, which is now the only shot we have.