No, don't say that. It's a complex statute which has been renumbered and amended with effective dates that are sometimes inconsistent with application dates in the statute. And I don't think either of us, certainly not me, are I & N legal experts.
The focus is on Sec. 1409(c) which governs illegitimate children born outside the US to a mother who is a US citizen. Much application to Obama seems doubtful because to get him to (c), you have to make him illegitimate and born outside the US. If you get him that far, doubtful he ever gets close to "naturally born".
But I would like to bury this issue conclusively so that we can say exactly what the law is under any given set of facts as they may develop.
One of the theories is he was never married when she gave birth. The law in effect when he was born would make him a citizen no matter where he was born if his mother was unwed. This eliminates one potential theory as having an merit.
Another theory is the dates he was born are wrong and he was born before Hawaii was a state. Section 1405 makes that theory irrelevant.