1. Our economy is doing better in this recession than many of our allies.
2. His foreign policy is good in that it did not invade any sovereign countries, and he is taking a measured approach to withdrawing from Iraq and Afghanistan.
3. He has not raised income tax rates or done other things to unnecessarily derail the anemic recovery. I do not thing letting the Bush cuts expire on the rich will derail the recovery. Consumer spending comes from the middle, not from the top. Besides, the rich will be driven to earn more to make up the lost income. Galt's Gulch is not an option for most, and certainly not worth it for 2% or whatever it is.
4. He got us off the ground on health care reform. It's not perfect, but it's better than what we had, and now we have something to work with.
5. He had the guts to push through the stimulus, and prevented us from going into a depression.
6. He's had some military successes noted by Lance in his thread. Although I do not think much of these.
7. He hasn't had any unseemly incidents with overweight interns - i.e. he acts presidential.