I'm not so sure. He definitely screwed up any serious chance he had to make changes in the first year of his Presidency. What he did accomplish has to be considered a wash, at best. He's also caved into what liberal/progressives think is the worst of the GOP's demands, making himself look soft and timid. And he's had Bill Clinton indirectly criticize him and compare what he did regarding taxes to what Obama (and the GOP) has proposed, and most people, regardless of party, or knowledge level it seems, can understand the difference and agree with him.
Having said that, I have seen nothing, zip, nada on the GOP side that lends me to think anyone there can beat him. They are so devoid of original ideas. Most of them are rooted in the same Bush-like economic plans and I just don't think the middle/left of the country see that as any positive change, nor that people are so angry at Obama that they want to go through that hell again.
I should also note that probably the best GOP candidate to win the general election would be Huntsman, but I don't see him getting out of the primaries, as the tea party automatons that are so vocal, and showing up to pay for people like Bachman won't want him; though he is loaded with personal wealth. But the others? Romney? Flopper who will have to run against what he built his career on. Pawlenty has been a big disappointment with zero new ideas. Paul? Old. Giuliani? Old. Cain? Who? If Bachman, Palin, Santorum or Rick Perry get the nod it's quite possible it will bring out many sheeple to hold their nose and vote for Obama just to keep them from getting in office.
I'd say it's stupidly obvious now that we should have elected Hillary, but it goes beyond that. It seems like every election cycle I get more disappointed by the results, and the campaigns become more homogenized, and corrupted. It's an ugly, sick system filled with crooks who help pay their way. Some at the tip top benefit, and the rest of us are left with scraps.