The Russian conspiracy to aid the Trump campaign was confirmed to be real, and a bunch of Russian military officers have been indicted. Whether or not Trump will swallow his pride and do anything about it remains to be seen, but let's not pretend it didn't happen.
Evidence of collusion by Americans wasn't uncovered, although how that's possible is beyond me. As I said before, Giuliani knew that the stolen DNC docs were coming and bragged about it on TV the day before they dropped. Members of the Trump campaign met with Russian nationals to discuss damaging info on Clinton. Anyway, this doesn't smell right to me.
Regarding obstruction, Mueller absolutely, 100% did not absolve Trump. Mueller pretty much punted that whole issue. He basically said "it's complicated" and left it to the DoJ to figure out. Trump was then absolved by his own newly appointed AG, William Barr. Again, this doesn't smell right to me.
I'm hopeful that most or all of the report will be released so that we can all look for ourselves.
As far as all the eggs being in one basket, it's worth noting that there are 17 other ongoing investigations of the Trump Organization, Trump Charities, Deutsche Bank, and a bunch of other stuff. So there's 17 baskets for the anti-Trump eggs.
And the fact that Trump's campaign wasn't caught colluding doesn't mean that they didn't collude or that it won't come out in the future, so there's another potential (and politically very real) basket.
Mueller's punt on obstruction is also going to have political legs. The Senate GOP blasted Barr through confirmation over strong Democratic objections so that he would be in position to cover Trump's ass, which is exactly what he just did. If he slow walks the release of the full report or opts to release anything less than everything that's going to feed the narrative that Barr is just another corrupt Trump crony. Obviously that's spin, but it's plausible spin and it'll get traction. So there's another basket.
And again, the fact that the Mueller investigation didn't end with a bang doesn't change the fact that a bunch of key Trump allies are in or enroute to prison and that a conspiracy by the Russian government was uncovered. Nobody outside of Trump's most fanatical supporters is buying the "drain the swamp" schtick anymore, and if Trump doesn't step up - immediately - to punish Russia he's going to look like he's either under Putin's thump or his ego has made him Putin's useful idiot. Either way, the report is a knife at Trump's back and a basket for plenty of Democratic eggs.
So sure, some good news for Trump, but also a lot of political peril. Don't buy tickets to his next inauguration just yet.