I'm not so sure Obama will go two terms anymore. When the polls indicate you're doing a worse job than Bush did in Katrina, you know your days in office are numbered.
We are a year and a half into this administration. The two and a half years till the 2012 election is an eternity in politics. A whole lot can, and undoubtedly will, happen between now and then. It's pointless to speculate about Obama's 2012 chances at this time.
Obama is in the Club of Presidents achieving the worst or lowest approval ratings just one year into term. His comrades are in order: Gerald Ford, Jimmy Carter, Ronald Reagan, Bill Clinton.....Clinton wins the prize for the lowest score in the shortest time frame of only three months. Bless his heart!
And, yes, anything can happen in the next two years. Personally, I wish greatness for this President because we're all in this together. But, it's dubious.