The rejection of the EU constitution by the French electorate means that the EUssr is kaput - Thank God!
This is an important detour OFF the road to serfdom, and perhaps the first step on the road to reform.
And the much needed and long overdue reforms will now occur exactly where they must: on the national front, not on the continental front. After the nations of Old Europe reform then they can restart the federalization process again; IOW, the socialistic welfare states of Europe must reform FIRST, BEFORE any transnational/federal EU can be brought into existence.
This may happen sooner than you think: Germany and France will elect Reaganesque/Thatcherite PM's who will dismantle their nation's welfare states - Germany will elect Merkel this fall, and France will elect Sarkozy in a couple of years.
After France and Germany REFORM - and become more Anglo-American in their policies - their economies will rebound and their people will not be so frightened by pan-European federalism. The a EU constitution would likely succeed.
Ironically, the reform policies which Reagan and Thatcher enacted, (which worked so well, and still work so well) - policies which are derided by the anti-Americans of Old Europe as crass Anglo-Americanism - were actually developed by a European - HAYEK! Perhaps if they were "sold" that way, the Old Europeans might follow them more enthusiastically!