There's a very good article in the Guardian today by Philippe Marliere on that very subject;-

http://www.guardian.co.uk/commentisfree/story/0,,2064079,00.html

Social movements that have fought the neoliberal policies of the past five years are backed by most. If it is true that a majority of the French accept a market economy and free enterprise, then they are more adamant still that the state must play a crucial role as regulator..............

Ségolène Royal, (....), conducted a lacklustre and centrist campaign that alienated much of her electorate. Instead of coming out in defence of the social state and social justice, she emulated Blairite tactics in an attempt to triangulate Sarkozy's politics.......................

Royal's approach demoralised and angered traditional leftwing voters (many of whom none the less felt compelled to vote for her). It also disoriented working-class voters, who were unable to see any difference between the left and the right..................

Ségolène Royal has squandered a golden opportunity of defeating Sarkozy, whose brutal political style and neoliberal agenda engender such widespread fear. But that opportunity is not altogether gone, for she has not lost her major asset: Sarkozy himself. Surfing on a Tout Sauf Sarkozy coalition ("Anybody But Sarkozy"), Royal might just make it

keep to the Fen Causeway