Just saw an "Impeach Obama" protester in front of the Opéra Garnier, where Jamendo has its new french office.
May be linked to his (albeit very thin) ties to the currently hugely unpopular Sarkozy, may be linked to his latest BP speech which was widely panned by the media. I've also recently read more solid criticism of his failure to live up to his campaign promises.
My humble take from abroad is that of course the hopes were too big when he was elected, but most people seem to forget now that they were already aware of it then. I don't believe that just one president in less than half its first term could reshape completely the biggest political system of the world. But we're undoubtedly on the good, or at least on a way better track than before. It's just too big an effort and we'll need more than one Obama to achieve it.
So IMHO, now is a bit too early to stop believing in the first one we get.