No, in fact there's a good chance that the Parti Quebecois will win the next provincial election. Separatism still has mass support in Quebec.

The separatism issue is far from over in Quebec. The NDP is the hero of the day or shall we say a "testing of the waters". If Quebec doesn't like this test, they'll banish the NDP is quick as they came in, and it will not surprise me in the least if the PQ win the provincial election as well.

Blame Canada! (Southpark)

It would be better to say that nationalism is still a force. Probably 20-25% of Quebec voters are hard-core separatists, who will vote for separatism regardless of other issues they might have with the PQ/Bloc. Another ~30% are nationalists and sympathetic to separatism to one degree or another, but not so wedded to separatism that they're unwilling to vote Quebec Liberal or federal NDP if the PQ/Bloc disappoint them as conventional political parties.

That said, the Bloc's spectacular failure to turn the election into a last-minute pseudo-referendum on separatism certainly doesn't bode well for separatism in the near term.