It's unclear if the conspirators would ever have been able to pull off their plan to blow up the Parliament even if they had not been betrayed. Some have suggested that the gunpowder itself was so old as to be useless. Since Guy Fawkes and the other conspirators got caught before trying to ignite the powder, we'll never know for certain.
Even for the period which was notoriously unstable, the Gunpowder Plot struck a very profound chord for the people of England. In fact, even today, the reigning monarch only enters the Parliament once a year, on what is called "the State Opening of Parliament". Prior to the Opening, and according to custom, the Yeomen of the Guard search the cellars of the Palace of Westminster. Nowadays, the Queen and Parliament still observe this tradition.
On the very night that the Gunpowder Plot was foiled, on November 5th, 1605, bonfires were set alight to celebrate the safety of the King. Since then, November 5th has become known as Bonfire Night. The event is commemorated every year with fireworks and burning effigies of Guy Fawkes on a bonfire.
Some of the English have been known to wonder, in a tongue in cheek kind of way, whether they are celebrating Fawkes' execution or honoring his attempt to do away with the government.
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