Here's the rundown:

If enough valid signatures are turned in Jan 17th, then in 60 days there will be an election where one candidate is Walker, and the other is is to-be-announced opponent.

(The election may be further* out than 60 days IF more than one person files to run against him--a primary election would be required to determine Walker's opponent in the official recall election. This is likely, since the Republicans have a habit of playing dirty tricks like running fake Democratic candidates in the election to FORCE a primary, in order to give Walker more time to continue accumulating unlimited amounts of anonymous campaign contributions.)

If Walker loses, then he's out and his opponent is in.
If he wins, then things continue on as they are. RIP WI.

In an interesting twist, seperate recall petitions are required for the Gov. and the Lt. Governor, followed by seperate elections. So it's entirely possible that while Walker faces a recall election, his Lt. Gov. may not. Meaning that even if Walker loses, it is possible his replacement will be saddled with a Republican Lt. Gov.

*I'm never 100% sure whether this should be further or farther. Sorry if I chose poorly!

She's more unpopular than Walker even. She shouldn't even be there, she was just a radio and TV person before. I think she did represent the Racine area at one time as a state representative, but it was only to keep gays from marrying (or even existing for that matter) so she's not going to be there when we elect a new Governor.