Hillary is in no trouble unless the unions start to bolt on her.
I see her situation differently. She came out campaigning well in advance of her plans. If she weren't such a control freak, she should have waited until maybe Sept to announce. Now she's going to spend money that she's not prepared to spend and she looks weak when facing other challengers (who were not ordained by their spouse's political clout).
Instead of letting the others fight it all out and declaring someone else as a front runner (thereby taking the focus away from her), letting the surge play itself out, she now risks her whole campaign because she fears the idea that Democrats are free to choose someone else. This is not the mind of a mature individual.
Obama may be an empty suit, but he's a smarter empty suit than she is. He now links Hillary to her spouse, which undermines her credibility. She becomes a lesser image and her modus operandus looks ineffective and outdated. More to the point, Geffen's remarks are sticking and Obama looks normal.
Geffen will feel the consequences from the Clinton Machine for daring to dissent. Being in the position he is, I don't think that he will roll over and that's going to be a big liability for Clinton as well.