It certainly has fallen from public favour in a way that few could ever have envisaged a couple of years ago. Undoubtedly, given the fickle nature of the voting population, and the unbelievable ability of the Democratic party to screw up their time in office, they will rise again in much the same way as the British Conservative party has done in recent years. Following the tenure of Margaret Thatcher, arguably the most hated politician in British political history, they have gradually cleaned up their brand and now they stand on the precipice of regaining power once again. This was something that seemed impossible just a few years ago. Undoubtedly the Republican party will do the same. They have done so in the past and they will do so in the future. It is simply normal politics. The empire, as you so poignantly put it, will undoubtedly rise again. Hopefully minus Darth Vader this time :-)
Kenneth