He deserves some, but it is limited. This is politically a win, so it takes little bravery to make the decisions he made. As another mentioned, this is similar to the Seals action against the pirates near Somalia. He gives the final go ahead, but it is countless others doing the work and take the risks. I never heard Bush work so hard to take credit as Obama did tonight, and that tells us quite a bit.
To his credit, he demonstrates significantly more leadership here than Clinton did as CIC. Clinton was terrible in these situations, getting too much in the way. Obama let the smart people do what they wanted to do here. It is a different time, though. Post 9/11 is radically different than before.
Final act, tell him if he didn't approve the raid, they would let it be known that he refused. His refusal would have been his political suicide. Left him with no choice.