Luckily I found this out a few days in advance and still had time to get an official Birth Certificate.
So the answer is NO, a COLB is not equal to a Birth Certificate.
The computer-generated copy Obama released isn't provided by the hospital, rather the State of Hawaii. It's an official document.
Imagine my husband’s surprise at the age of 70 after moving from CA to GA to find out he did not have an acceptable birth certificate for DMV here - after serving in the military and having security clearances there and on jobs for 50 years with the same certificate. He had to obtain the REAL THING from Sacramento to even get a drivers license.