It has moved the poll numbers in the states where Obama is running ads in heavy rotation. Everyone still despises Obama because he's an incompetent, anti-American thug, but those watching the ads are being convinced that Romney is just as bad. Obama is getting something for his money.
Obama is also finding that he cannot bring his own positives up. They have reframed their positions several times so that the stupid little people (as they see us) will understand how wonderful it is for the elites to run our lives, but we're not buying it. I expect another new theme soon, but it won't help. Obama's best strategy is to disgust both sides so much that those who despise communism stay home. Then ACORN and SEIU can bring in their fictional and dead voters to carry the swing states for Obama.
This may be due to the media deciding what the poll numbers should be and then adjusting the sample space (oversampling of DemonRats) to produce the desired outcome - not too high, not too low.