Absolutely.
What party people support when they're young is the party they tend to support their whole lives.
Republians have lost a big generation, one which finds it absurd that people care about others' sexual preferences and which is strongly anti-war and anti-Bush.
This is so true. It's not that there aren't young fiscal conservatives, plenty of young people still believe in small government, they're just socially more liberal. The GOP's decision to frame the war and gay rights as left/right issues may have gotten them elected in 2000 and 2004 but it will bite them in the ass when otherwise conservative voters start voting Democrat because they don't believe in war and discrimination.