We'll never know, but I suspect still better than McCain or Romney despite Obama's shortcomings. There's the counter argument that had it been a Republican president the Democrats wouldn't be as divided in their loyalties, but I doubt it would have mattered in the end and there's a lot of things that could have gone much worse over the last 7 years.
Having said that, It is interesting how much Obama has gravitated toward Bush's positions on a number of topics throughout his presidency. Had McCain or Romney won, I suspect they would have taken similar positions (not that they weren't there already). Part of me wonders how much influence has been exerted on both Bush and Obama, and if neither could accept the consequences that would have resulted from deviation from those positions.
Regarding Obama personally: Perhaps the presidency changed him, or perhaps his campaign was a lie to co-opt the enthusiasm of the masses. I don't think we'll ever really know. We'll just have to hope that his decisions to do things like bail out Wallstreet, sign us into corporate-crafted trade agreements, and continue domestic spying are better than the alternatives. It seems to me though that if that really is the case, our situation is every bit as bad as the most cynical of us say.