As much "buyer's remorse" as I have heard from Obama supporters (even FQ is having second thoughts about his choice), and considering how close the 2008 election actually was, unless the Republicans run another frickin RINO like McCain in 2012 I don't think there will be a 2nd term, let alone a 3rd.
On the other hand I never thought there would be a 1st term, so what the hell do I know?