Too early to say, but as of this moment, if the Republicans can field a decent candidate, I'd think not. After he won the Democratic nomination, I thought that Obama would beat McCain handily and come into office with a lot of good feelings, but that his popularity would quickly crater as he became something of a Jimmy Carter 2.0 and he'd ultimately be a one-term president. I certainly don't see any reason to change that prediction now.
As a candidate, Obama was basically an appealing enigma who carefully presented himself as all things to all people, having spent his entire career as a state senator voting "present" and fully half of his career in the national Senate running for president. His only real accomplishment as president (besides racking up record amounts of debt) has been a health care reform bill which seems increasingly unsustainable with each passing day. There are so many seemingly intractable problems facing the country, and he's just not shown himself to be a leader.
The only positive I see for Obama is that this may all be peaking too early. If the Republicans hand the Democrats their heads in November, forcing Obama to do a Clinton-esque pivot to the center (provided he's capable of and inclined toward doing such a thing) and the Republicans to take more ownership of governing the country, the dynamic may change. However, I have my suspicions that he is so utterly without substance that a rebound is beyond him even then.
