When you take it into context, it really doesn't look too bad for Obama.
I'm not delusional enough to believe that Obama will win the state, but you do see a slow and steady progression towards swing state status. In a 50/50 election, it looks like it would be about 54 Romney 45 Obama. Georgia will be interesting to watch in the next few cycles.
And also, if Romney wins Georgia by more than McCain did, wouldn't that technically be a trend toward R, and not D?
No, that would be a swing towards Romney. If the swing is greater than the national swing, it would be a trend towards Romney. What I was pointing out above is that Missouri seems to be trending towards the Republicans, being up 8 in a 2 point Obama race while Georgia is trending slightly towards the Democrats. Still, there is a long, long way to go before Georgia becomes a true swing state.