Hallelujah! was my initial reaction. After thinking about it for a bit, you could put together a coaching team consisting of Graham Henry, Wayne Smith and Steve Hansen and not much will change unless the losing culture that has engulfed Aussie rugby changes.
In all likelihood, Cheika's replacement will be a Kiwi: preferably Scott Robertson; probably Dave Rennie. If the next coach is a Kiwi, Rugby Australia must get to the bottom of why no Kiwi has been successful coaching either an Aussie super rugby team or the Wallabies in the case of Robbie Deans.
It's not a losing culture, its a dwindling culture. Rugby union in Australia is effectively on death's door and I very much doubt its going to get better.
The reality is people simply aren't playing the game. Rugby Australia has inherently focused at the top level of the sport while systematically cutting out the grass roots level to the point where the talent pool is restricted to a total of 50,000 players from age 3 to opens. This has lead to a decline of over 60% since the year 2000. They killed their sport by worrying about their salaries rather than the players that pay those salaries.
Meanwhile Australian Rules has infiltrated their key demographic (priveleged private schools) and football has grown by over 50% in the same time Rugby has lost 60% of its player base. Australian Rules especially is the scary aspect as this is not a traditional home grown sport especially in the northern part of the country. Problem for Rugby is that the Australian rules teams in those area's have seen moderate success so people are more inclined to take their kids to those games then they are rugby games.
In essence you can pretty much draw a line in the sand of rugby's downfall in 2005 when the socceroos qualified for the world cup and the Sydney Swans won a flag in Australian Rules while Australian Rugby was in crisis mode.