Senator Arlen Specter changes parties from Republican to Democrat. Ho-hum. So a guy who votes with the Dems most of the time changes party affiliation, so what? It isn't as though Specter changed the majority from one party to the other, that happened in 2007, following the election of 2006. All he may have accomplished is give the Dems a veto-proof majority of 60 on some issues, issues on which he probably would have voted with them anyway.
It has been clear for some years that Specter was a Republican In Name Only, a RINO. Now his party affiliation aligns with his voting record. That is no big deal for the Republicans except that it is sort of kicking them when they are already down, psychologically.
It turns out that Specter started life as a Democrat anyway, but changed parties to run for District Attorney. I think the only party he really belongs to is Friends of Specter, anything else is just opportunistic window-dressing.
For another view, see the entry above about the future of the Republican Party.