It was a big loss, but I'd have thought these last two games were not ones the Reds 'expected' to win. It is tough to come over to the Republic and get a win. Best case scenario would have been a losing bonus point or two.
In terms of the season, the wins so far over the other Aussie teams (however unresounding) are very important. Beat the Force and the Brumbies and everything is fine. The only concern is the bad run of injuries.
On a side note, Reds supporters generally seem to deal with these little setbacks better than the rest of us - hats off to you - I'm not sure if it generally superior character, or the result of knowing recent championship success.