He does not have the experience to be President. His election was a farce and largely the results of good PR, the press loving him, the press hating Bush and popularity with either uneducated/ill-informed people who did not make their choice based on the facts but rather on emotion.
Obama also outspent McCain 4:1. That spending ratio translated him winning by 6% of the vote. More than just being young, black (and the stats on how much of a factor his race was can't be ignored), and being a good speaker.
I think that 2008 will go down as the year that the main stream media committed suicide. They went beyond their normal left wing bias to and went straight to full fledged media activism on behalf of Obama. Chris Matthews went so far as to say that he gets a "Tingle up his leg" when Obama talks, and if you hear one of his speeches in person, "If you don't cry, then you are not an American." I guess that I am not an American then, because I listen for content and never come away from his speeches with enough substance to fill a baby food jar.
Then after years of tearing down Bush in the name of "fair journalism", Matthews decides that the country has had enough and it is his "duty" to support Obama and make sure he is successful.