Yes. The balance of power was shifted drastically, essentially leaving the states themselves at the mercy of popular democracy. While many would say "so what is wrong with that", those same people seem to forget the design of our government is that of a constitutional republic, not a democracy. A democracy is, by nature, less stable than a republic, and is constantly under the threat of losing individual freedoms in the name of the popular vote. People who promote us as a democracy really need to study up on why the founders chose a constitutional republic instead.
Not only was the idea to create a constitutional republic as opposed to a democracy, the MAIN body of power was supposed to reside with the individual states cooperating with each other through a strictly limited federal government. The 17th Amendment, along with the "Forget what it says and read what we want it to mean" SCOTUS interpretations of the 10th Amendment have screwed that up royally. Today, as a result, we have a bloated, WAY too powerful federal government with the authority to use economic blackmail against the states, leaving them begging with hat in hand to recover at least some of the money paid by their citizens, passing any and every law the Feds decide is a good idea or else lose highway funds, education funds, etc. etc. etc.
It is way fucked up, and the 17th Amendment has played a large role in its devolution to present circumstances.