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Democratic Party: The same as what you have now, except what little “conservative” constituency is left these days (maybe 5-to-8 %) in the Democratic Party will migrate over in the “new” Republican Party to form its left wing. This will be the party of Ed Kennedy, John Kerry, and Howard Dean. Pro-union forces, traditional old-school liberals, borderline socialists, et cetera will rule the party as before. Civil rights, separation between religion and state, gun control, environmental issues, and social programs will be the hot items here -- just as before.
Republican Party: Think of the Republican Party as really being the New Republican Party. This will be the Republican Party of Arnald Schwarzennegger, Rudi Giuliani, John McCain, and other existing Republicans who tend to be liberal in one or two areas and conservative in most others. This will be the largest party of the three major parties and will try to cater mainly to the traditional American family, though there will be a relentless push to attract unmarried youth and small business owners to the party philosophy as well. Education, taxes, family values, environmental issues, and education will be some of the hot items. The Democrats will see of the "new" Republican Party as the "Safe As Milk" or "Boring" party, and the Conservative Party will see the "new" Republican Party as the "Party Of The Misguided."
Conservative Party: The staunchly social and fiscal conservatives will defect from the Republican Party -- once its new leaders take the party over -- and form the Conservative Party. The Conservative Party will be made up of the likes of Pat Buchanan, Robert Bork, Charleton Hesitation, and others who wouldn’t get caught dead talkin’ to a libur’l. Right to arms, religious issues, taxes, national deficit, GNP, big business, and the military budget will be some of the hot items.
All in all, the "new" Republican Party will end up being a bit larger than the Democratic Party or Conservative Party. The Democratic Party and the Conservative Party will be almost exactly the same size.