The demographics in Georgia are changing rapidly to make it more diverse, just a decade or so after the electorate realigned in the "permanent R majority" form you see in states like SC and AL. That said, like TX, it's hard to say if or when the demographics will make it a swing state and what other changes would happen in the meantime,
The thing is that - as Nate Silver points out - the Democrats have been losing more and more of the white vote. Obama only won 22% of Georgia whites in '08 and the Dems are going to have to vastly improve in order to be competitive. There aren't enough minorities yet to win solely on the margin in that demographic.
