Obama is fairly brilliant in that he's the first candidate in opposition of boomer-isms. Not the baby boomers themselves, mind you, but the mess their generation's administrations have left for us, economically (deficit, social security), ecologically (coal research initiative rings a bell), diplomatically (we lost the last few allies we had over our blind support of Israeli policies last summer; once Tony Blair steps down Britain's new PM will attempt to distance himself from the US to raise approval ratings; even Canada is starting to disagree with us, and they elected a conservative who by all rights should've just been junior's lap dog), and obviously militaristically (Cheney just threatened Iran from an aircraft carrier parked next door to them, although it went under the radar of the media).
Although he isn't that young himself, damned if he doesnt get young dems excited. All dems, actually. I got to see him speak in St. Louis the Friday before last, and the turnout was amazingly diverse. He also is much more popular with Republicans than Hillary, and we need more red states if we want to win back the office.
Just my 2¢, but I definitely think he has a chance. Hillary's polls are down in the early states, by the way.