Getting back to the originial, flawed premise of this thread, the assumption of the original post was that the swing in the electoral college to GOP states is a fatal blow to Obama. That's an overly simplistic, naive assumption. Taken at face value, the 'red' states will probably pick up a net of about 6 or so electoral votes. OK, let's give the generic GOP nom 6 more electoral votes than McCain won, and assume that Obama loses every 'swing' state he carried in 2008: Nevada, Colorado, New Mexico, Indiana, Ohio, Virginia, and North Carolina. The result of such an election STILL has Obama winning, 280-258. So, that's how daunting the task is for the GOP.
However, that's not even the good news for Obama. Where is the increase in US population coming from? Glad you asked. It's in the Hispanic population, which the GOP is doing everything in its power to anger. So, above mentioned swing states like Nevada, New Mexico, and Colorado are getting 'more Hispanic', for lack of a better term. This makes the GOP's taks of swinging this states back to them even more daunting, and it's almost impossible for them to win back the White House without carrying those states.
Having said all that, I'll repeat myself in stating that it'll all be about the state of the economy in 2012.
"It does me no injury for my neighbour to say there are 20 gods or no god. It neither picks my pocket, nor breaks my leg."
-- Thomas Jefferson