Among post-WWII Presidents, Obama’s foreign policy record has been competent enough that it shouldn’t be ranked anywhere near the real failures (e.g., LBJ, Bush II, Kennedy, etc.), but it shouldn’t be confused with one of the very best records, either. It’s true that Obama’s record seems much better than it is when compared with George W. Bush’s, but then that is the relevant comparison for political purposes. Even when Obama blunders, he doesn’t suffer as much political damage because we still remember how badly Bush performed and we are regularly reminded of what the terrifying practical alternative to Obama was every time McCain sounds off on an international crisis. Judged by those admittedly low standards, Obama’s record looks a lot better than if we assessed his overall record simply on the merits.
It all depends on whether he gets a second term. The strategies he has followed from Day One point to that.