You've summed it up. The whole article essentially gushes about him - how "brilliant and articulate" he seems, especially contrasted to the Neanderthal Bush, etc. - and then the writer just can't seem to understand why the magic is wearing off.
That's because there never was anything magical about Obama, except perhaps his powers of deception and the joy of the left in thinking they had finally found the black, anti-Western, anti-Christian hero of their dreams. Well, while he was certainly all those things, it is now becoming apparent even to them that he's simply not bright enough to carry it off. But they're still making excuses for him.
Plus, when are they ever going to forget about Bush? Personally, I thought Bush was much more articulate than Obama, who sounds like a robot who might run out of his script at any moment (and usually does), except for those occasions when he's affecting a ghetto black accent to which he has no right.
They’ll never stop blaming Bush. Then they may have to face the reality that the Won is just that and nothing more.