It gives the Conservatives time to try to woo any Liberal MPs that don't want to work with the Bloc with Senate seats, cabinet posts, etc.
MUCH more importantly, it gives Canada a chance to see what Obama's plan is before doing something stupid. The NDP/Liberal/Bloc wanted to rush a stimulus package and aid to the automakers without seeing what the US did first. This at best would be ineffective, and at worst would be actively counter-productive (e.g. Canada gives GM $5 billion, the US Congress tells GM to suck eggs, the $5 billion goes to Citibank and GM's other non-Canadian creditors). Obama takes office on January 20, and will probably reveal his economic plan immediately. Parliament resumes with a matching Canadian budget a week later. Sounds good to me. Stephen Harper has already called Obama and told him that "he's like totally awesome and his BFF", so I expect the Conservatives will basically just copy what the US Democrats do.
We also avoid a Christmas election, which would have big problems for turnout in Northern Ontario, Quebec, the Territories and other places with less than ideal conditions.
This is probably the best outcome given the situation.