His starting position on policies and what he's attempting to get, or what he's ended up watering down to after months of time to get it past the blue dog democrats and republicans in congress?
His initial policy positions on Cap & Trade, Health Care, the Bush Tax Cuts, TARP, etc were all far from "moderate". However, even with full control of BOTH houses of Congress his policies couldn't even garner enough support so they were repeatedly "modreated" to get the votes necessary. If you want to go only based off what the final products have been, then I'd say his policies have definitely been moderately liberal but not extreme liberal. If you want to go based off what he was primarily pushing for in all of those policy situations, then no I'd say he's been solidly liberal.
His starting positions were so solidly liberal on those issues I stated above that he could not even gain the support of the moderates in his own party to be able to pass them when he had complete controll of the Congress. That doesn't exactly scream "moderate" to me. I think it'd be more accurate to term Obama as a solidly left wing liberal whose policies have became more moderately liberal in nature by the time they finally pass. And I only give him moderately liberal instead of slightly liberal because of some of his foreign policy decisions such as maintaining the Bush plan in Iraq, keeping GITMO open, continuing to defend the PATRIOT Act, etc.