2012 will be 4 years later than 2008.
4 more years of old voters dying, who tend to vote Republican, and in 2008 the 65+ crowd voted 53-45 for McCain, the only age demographic to go republican.
4 more years of young people reaching the voting age, who tend to vote democrat, and in 2008 the 18-29 crowed voted 66-32 for Obama.
Add in the reps continued opposition to gay marriage which further turns off the young, their 90% white make-up despite that group's shrinking electorate percentage, their currently headless political movement, their most vocal voices prominent hysterics, a youthful, charismatic and intelligent incumbent, and I think it's not looking good in 2012 for the Reps. Or 2016 for that matter. But who knows, it's politics and anything's possible.