If someone like Palin runs against Obama, he will win no matter what. Thankfully, while the Stupido-American Community is able to sometimes get teabagger types elected to Congressional seats, they don't have the power to get a President elected.
Remember, Dubya got into office the first time around by claiming to be a moderate, "compassionate conservative." Teabagging will only get you so far in this country.
And yes, Obama has been a disappointment. He's way better than the opposition, but still, what a tragic wasted opportunity.