Obama will be reelected. Mitt Romney will not be President; this is Republican's "John Kerry" year. I'm lukewarm on Obama; he's done some things I've liked, a lot of things I haven't liked. But he will most likely be a two-term President (barring something huge, like a terrorist attack or the SCOTUS striking down health care reform) and I'm at least interested to see where he goes from here, and to what lengths the GOP will go to be obstructionist.
I'm expecting the economy to pick up somewhat in the next year or two and with the Iraq war done, Obama will be in a more beneficial position to really do some Obama stuff.