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Since the OLC can issue binding opinions it can be seen as more important than a cabinet pick, her OLC appointement does bode well for the Obama administration and his intentions insofar as following the rule of law. I am sure Obama and Johnsen's OLC will revisit many bad opinions written under Bush.
I don't know if it bodes as well regarding investigating/prosecuting the Bush admin. Encouraging, yes, but in this regard the 'Vision comes from Obama' would still apply. All signs point to Obama affording much more respect to the law than Bush, but the signs pointing to his investigation or prosecution of the Bush admin are not quite as convincing.