As long as American politics are based on a two-party system where the only really viable candidates are either Democrat or Republican, then yes I would vote for Obama in 2012. He has seemed ineffective at times and mediocre at best, but I think most of that is due to partisan politics and not a failing on his part. I think he's playing the hand he was dealt. Voting for 'the least of two evils' probably makes me part of the problem but with things the way they are I don't see our system changing anytime soon. 2 wars and a huge oil crisis hasn't done it, so I don't know what it will take.
I would still vote for Obama because I don't see any Republican candidate that I would prefer over Obama, so I would stick with the devil I know. Now if another democrat would challenge Obama, I might seriously consider it. I can't help but wonder if Hillary would have had more force and energy to throw at the various crisis Obama is currentloy facing.
His performance has been more mediocre than expected, but I would say yes at this point. He is brilliant, passionate and a great role model. But, he does need to seize initiative on issues faster like the economy last year and the oil crisis last year. If not Obama, who else would you trust to do better?