This has been expected for awhile. Everybody knew that Emanuel was Pelosi's top pick for the job, the only question was whether he would take it. It was rumored that Emanuel agreed to take the job only if he was given a seat on Ways and Means, and when he got that seat a few days ago the rest was a given.
Emanuel is a sophomare Rep. from Illinois who served as a senior adviser in the Clinton Administration before running for Congress. Before that he worked at the DCCC as a staffer. It seems to me that Emanuel is a great choice; he's a prolific fundraiser and has a reputation as a top-notch strategist.
2006 looks to be a good year for Democrats in the House. There should be quite a few GOP open seats, as many older GOPers are ready to retire and a few are expected to run for higher office. There also might a bit of a Dem wave, as the electorate hopefully will be going through a "six year itch".