Assuming that Rommey gets elected and enough support in Senate/House, the law can be repealed.  Now, the real question is that since much of the the "cost" side of the equation has already been implemented and none of the "charge" side of the equation, what will replace the law.  There has to be major changes to health care in the US.  If there is any chance of controlling the cost and keeping some level of quality care, government has to get out of the way.  
I think that everyone will agree that "pre existing conditions" and "health care for low/no income" has to be addressed.  I would generally think that more control should be given to local organizartions, but we will have to see.

There are some easy things that would help quickly.  For example:
1) allow people to shop for health insurance across state lines
2) allow insurance companys to offer more specialized polices.
3) implement nation wide tort reform of liability on medical claims
4) stop the health department from doing implementing costly changes like ICD10 and EMR phase 2 certifications
5) allow re-importation of drugs
6) reduce the time that generic drugs can be supressed by the patent owners
7) stop providing free health care for non-citizens
8) make non-emergency care go to lower cost clinics rather than emergency rooms
9) make the pice list public for all care givers.  Allow self-pay to be at the level paid by the insurance companies
 

By getting the economy going again many of these issues will take care become managable.