I hope BO loses in 2012, but there is a political pendulum in effect, as voters forget what they hated about the party they threw out only a few years ago. Whether that phenomenon is enough to counter the current rise of the GOP will be influenced be whether the GOP members are honest, smart, and care abut the USA instead of pork and business as usual.
I will approach 2012 with great reservation. Too many things can happen between now and then.
I remember how giddy I was over GWB in 2003, by 2004 I was becoming skeptical. Then Republicans won big in 2004 and I thought we were on to something, and every year after that was worse than the last. By 2008 I was praying that Bush would just be gone, but McCain getting the nomination ruined even that hope. There was nothing to hope for in 2008 for me, so I looked forward to after Mccain lost knowing Democrats would self destruct and it would be fun to watch , I definitely got that one right.(watching a president McCain self destruct would have been more just more pain)