Although the reaction of the Czech public to the victory of Barack Obama would be a little difficult to objectively generalize, we can, if we take a broad view, say that it was largely positive.
I have encountered three different views while talking to my friends from the Czech Republic.

1) Some are enthusiastic and only see the positive in each of Obama’s plans. They strongly disagreed with George Bush and are big fans of the support for the middle and lower class.
2) Some are the opposite. They are very disappointed and they strongly oppose the socialist tone of Obama’s proposed policies.
3) Some are not disappointed, we could say that they are satisfied, but they are cautious. These are people who share the Republican economic views but they are worried about the widening gap between rich and poor and other problems that the capitalism fails to solve in developed nations. They think that the Republican economic views are the way to go for the countries who need development – like the Czech Rep. and other central and eastern European states, but they think that in very developed countries, like the U.S., the curve of benefits of capitalism might have plateaued. They want to give a chance to something new and they are willing to step back from some of their right-winged economic beliefs.
I know the third opinion seems quite unspecific and indecisive. It is an opinion of mainly young people who aren’t quick in claiming they have the world figured out, but rather carefully observe all the possibilities, try to learn and understand all of them, and vigilantly weigh the pros and cons of each. This is not some widely accepted or popular view; it is just what I and few of my friends think.
The Czech political scene is generally supportive of Obama, although the leading political party has expressed support for McCain.
The elections in the Czech Republic were closely watched and considered very important.