Correlative conjunction, not dead yet:

“Politicians and political operatives far beyond Wisconsin will be watching closely, not just for what the recall effort may imply for other states’ leaders who are considering cuts to workers’ benefits and union powers as a way to solve budget problems, but also as a sign for the presidential race.”

The not just … but also usage conveys clear meaning and pulls together a long sentence, despite the slight lack of parallelism between the contrasted implications.

See also: http://bit.ly/yqhwti, http://bit.ly/wyqIZ5,  and http://bit.ly/xPjQTk. 

Parenthetically, consider the different ways that the start of the title above might be punctuated: “There now,” and “There, now,” and (as I have it) “There, now.”