One part of the Dems '94 vs. GOP '06 that I haven't heard discussion of is the quality of Democratic candidates in 1994 Congressional races.
I know that many of the Congressmen who were defeated were thrown into difficult districts. But what about the open seat candidates? What about the Democrats who were running for open Senate seats? Many of them (Arizona, Oklahoma, Maine) were leaving Congressional seats to run for the Senate. Were they quality candidates? Would they have won in a year that was less brutal for Democrats? Or - in 1994 - did you take a look at these people and think to yourself, "we're in trouble"?