Nate Silver contrasts the president's approval and favorability ratings:
[T]here is a small slice of the electorate, about 4 percent, that has a favorable view of Mr. Obama, but does not approve of his job performance. Given how close the election is, the way they behave in November could be decisive. If the election is a referendum on Mr. Obama based on his approval ratings, it’s going to be very close. He may be a slight underdog, especially since some of the approval ratings polls are of adults or registered voters, which are generally a point or two more favorable to the Democratic candidate than those of likely voters. However, if it’s a referendum based on Mr. Obama’s favorability ratings, his net-positive score (plus 5.5) makes him look like the favorite.
Beinart also noticed that "public’s perception of Obama as a person remains remarkably cheery":
This 2012 election may, in fact, be the most personality-driven in recent memory. For several presidential election cycles now, Pew has been asking voters why they support their favored candidate: "Leadership," "Experience," "Stand on Issues," or "Personality." Among Romney supporters, 4 percent cite personality, the same percentage as cited it for Al Gore in 2000. For John McCain in 2008, the figure was 3 percent. For George W. Bush and John Kerry in 2004, it was 8 percent each. For Obama this year, it’s 18 percent.
The Dish 