China's first spaceflight
As can be seen from the links at SpaceToday.net and SpaceDaily, there are many more reports and commentaries on this event than there is time to read.

Interesting commentaries include Glenn Reynolds' article describing this flight as part of China's emerging from centuries of retreat from the world and Jim Oberg's commentary emphasizing the positive implications of China's flight.

I do see China's venture energizing the world space community, but probably not in the form of a Sixties style space race. US space policy is already being re-examined following the Columbia tragedy, and this may further spur the calls by some for NASA to be directed toward new human exploration beyond Earth orbit.

Also, there are military implications of this venture, especially given the non-democratic and often ruthless nature of the Chinese government. Here too, the response by the Pentagon will probably not be a crash program response, but vigilance and development of new capabilities.

Finally, if space is to be moved beyond today's situation as a preserve for military, scientific and limited commercial activity, it is necessary to provide a favorable economic and regulatory environment to the new entrepreneurial efforts to develop affordable and robust space transportation. Rand Simberg provides a good description of the Commercial Space Act of 2003 which addresses the most critical current issues related to that environment.