Obama is what we actually NEED as a president, in terms of demeanor and personality and mindeset - whether or not you agree with the policy - but he seems to be what a lot of people don't want. He's thoughtful and calm and intelligent, but people like emotional, reactionary leaders. Intelligent people are seen as elitist, while people like those who seem like average joes who they can relate to, not minding the fact that average joes are exactly who you DON'T want running a country. It's not to say Obama hasn't made mistakes- I think he has.
America is an impatient country. We want things NOW. We want justice NOW. We want dinner NOW. We want jobs made and the economy fixed and the oil cleaned up and the wars ended and terrorism ended NOW. Yet that's not the way the world works, and we don't really want to rush into things, because that's when we make thoughtless bad decisions (Iraq, for example). We trusted Bush's emotional responses and got caught up in our feelings after 9-11 and neglected to slow down and think it through carefully. (Cheney and Rove thought it through, but the rest of us didn't - and they had different goals.) I realize this sounds left-wing, and I'm actually quite middle of the road in most ways. It's just that LAST administration that I wouldn't trust to catsit for me, let alone run the country.
I voted for Obama, and I think he's an improvement. And the GOP side is SO batsh*t crazy right now that there's no way I could go there. I just can't support that far right side of the agenda. Having said that, I hope that we have the patience to see where things go.
In summation of the original question - - WAY too early to tell. If the economy comes back, he'll be fine. It's actually quite hard to get rid of incumbents in this country. Other than Carter and Bush the First, no one else has served one term in forever that wasn't a result of impeachment or assassination or their aftermath. But who knows? There's a lot of racism and fear and anger bubbling under the surface of a lot of this. He might have a shorter margin for error than the average guy going for term 2.