The celebrating by people now will be dwarfed by the collective kegger people in this country will have when Jesse Jackson and Al Sharpton pass on.
I'm not even particularly Christian myself, but if I were an actual practicing churchgoer I would despise the guy. I'm not happy he's dead, but I'd be lying if I said I wasn't sort of relieved. Besides, whether his vitriol towards anyone who wasn't him or his followers had some merit or not he found out real quick when he showed up at the gates.
I view Christianity to be a benevolent faith built upon love for your common man. Jerry Falwell was the opposite of this and, whether you like the comparison or not, him and others of his kind that are still with us (Pat Robertson, I'm looking at you) were/are the same as the radical Muslim clerics that lead their own armies. The only difference is that when you see a tape released to Al-Jazeera filled with religious rhetoric there isn't a number at the bottom of the screen to call and contribute to their cause. This is not to say that evangelical priests and ministers are the same as their counterparts who call on the death of entire races or groups, but theologically they're on the same level.
EDIT: Oh, and a big ol' posthumous FUCK YOU for saying that about Billy Graham.