I think the premise holds true to a point. Obama can veto anything he wants and without super majorities the repubs could do nothing. Holding the House allows the Repubs to set the spending agenda and they can blame the Dems for failures to enact cuts and other elements of fiscal sanity. If they had too much power than Bambi can cry victim even more than he does.
One place where the argument fails, is the confirmation of federal judges by the Senate, but with Republicans usually deferring to the “competency” it’s probably marginal (with the better margin of minority Republicans in the Senate would be an improvement)
In the end, it will still all come down to the Republican candidate in 2012 on the presidential level (Dole or McCain, anyone?) but, as far as the “blame game” is concerned, it may make a huge difference on the congressional and states’ elections.