Very few people here are talking about the 2014 elections. People need to think of the likely consequences an Obama reelection would bring for the Democrats in 2014.
Just think of this scenario: Obama squeaks out a reelection victory in 2012 and has zero coattails, losing six Senate seats and 10 House seats, the first time in history a President got reelected and saw his party lose seats in both Houses of Congress.
This would leave Republicans with an already big 252-183 majority in the House and a 53-47 majority in the Senate.
Assume the economy is still bad or double dips by the 2014 elections. Democrats would likely get hammered again, probably losing 10 Senate seats and 40 House seats, giving Republicans a 63-37 majority in the Senate and a 292-143 veto proof majority in the House. This would allow Republicans to pass anything they wanted and Obama wouldnt be able to veto it. There would likely be a couple conservative/moderate Democrats in the Senate to get Republicans to a veto proof majority on most bills there. Social Security and Medicare would be gone and abortion rights would be universally illegal.
Many Republicans were very smart in 2008. They realized that a McCain victory would probably destroy the party in the 2010 midterms. Democrats didnt think that way and swallowed a huge poison pill.
If Romney is elected, there will be a good chance of Democrats getting back the majority in 2014 and having some relevance in US government again. Democrats will at least likely still have the filibuster in the Senate in this case. If Obama is reelected, Democrats wont have anything and Republicans will probably be able to pass whatever they want in 2014.
This is something serious to consider.