“Do you see anything other than a variable vertical shift in capital letters?”
Yes, there are a number of differing misalignments in the lower-case letters also. For example, look at “African” vs. “Africa”. In African, the lower-case a is misaligned upwards, while in Africa, it is not, but the c appears slightly misaligned upwards instead. Also, look at the letter spacing in these two words, they should be pretty much identical. Instead, in “Africa” the r nearly touches the i, but not in “African”. There also appears to me to be differences in spacing and alignment of the lower-case letters in the three instances of the word “Honolulu”.
Advice to Obama: Send your servant along with two witnesses, (I would recommend two freshman congressman) over to Hawaii and each take three separate digital photos (with 3 different cameras) of the damned original Long Form Birth Certificate - If it's not there and this is what is, then take a digital photo of it and put it on your WH site. We're all sick of this and, well, don't get me started. . .