Perhaps, but until the U.S. Department of Foreign Affairs tells American citizens born abroad to two U.S. citizens that they are, without doubt, eligible to the presidency, then Obama's situation remains muddy, IMHO. These are non-naturalized American citizens.
7 FAM 1131.6-2 Eligibility for PresidencyU.S. Foreign Affairs Manual
(TL:CON-68; 04-01-1998)a. It has never been determined definitively by a court whether a person who acquired U.S. citizenship by birth abroad to U.S. citizens is a natural born citizen within the meaning of Article II of the Constitution and, therefore, eligible for the Presidency.
b. Section 1, Article II, of the Constitution states, in relevant part that "No Person except a natural born Citizen ... shall be eligible for the Office of President;"
c. The Constitution does not define "natural born". The "Act to establish an Uniform Rule of Naturalization", enacted March 26, 1790, (1 Stat. 103,104) provided that, "...the children of citizens of the United States, that may be born ... out of the limits of the United States, shall be considered as natural born citizens: Provided that the right of citizenship shall not descend to persons whose fathers have never been resident in the United States."
d. This statute is no longer operative, however, and its formula is not included in modern nationality statutes. In any event, the fact that someone is a natural born citizen pursuant to a statute does not necessarily imply that he or she is such a citizen for Constitutional purposes.
I’m no lawyer, but ...
Legally, I would err on the side of ‘qualified’ with any wiggle room. [Innocent until proven guilty — even for BO.] Besides, I personally think that states and voters should interpret this. But that doesn’t mean we can’t raise cain.