Dick Meyer at CBS has some interesting post-election analysis.
Meyer convincingly argues that moral values were not the most significant factor in this election. The way the question was asked in the exit polls, and the cultural definition of morality skews the question in favor of the Republicans.
First of all, Terrorism and Iraq were not grouped together as a category. Had they been, the Terrorism/Iraq category would have been the biggest single issue for voters at 34%.
Second, the question effectively reads something like: "Do you favor the Republican view of morality?" Not surprisingly, 80% of them voted for the Republicans.