I think the RNC has a winner with their "Hype and Blame" schtick. That's really gonna empower the base and resonate with disillusioned Independents.
I don't see it picking up much steam early on. But once Obama enters full campaign mode and people start to see how he diverts attention from his record... that's when it'll resonate. Especially with bad summer jobs numbers.
So bottom line: I think the themes of Hype and Blame will become pretty prominent. Obama will be typical Obama with flashy speeches and excitable crowds--in the end, that could undermine him.
Is the economy the only thing that counts a record? Even so, although it's far from booming, it's a lot better than it was, the past 2-3 years. The job growth may or may not pick up, the rest of the year.
As for Romney, what does he really have going for him? He was a fairly unpopular one-term governor. He's not boring, but he doesn't have much vision, excitement, or likeability. He will have a lot of negative ads, though.