Yes it is IMO. His signature plan is still being worked out. Depending on how ACA shakes down will have a significant impact on how he is ranked historically. Currently everyone is reacting to it very emotionally and basing their love or hate of it based on partisan propaganda and inconclusive premature results.
In other areas, foreign policy he is doing ok. The economy is rebounding and the stock market is soaring again..... this could be argued as a falsely propped up economy, but at this point results are results.... Again he has three years to make this better or make this worse.
He has been a fantastic president on social issues. Gay marriage, abortion and such, also religeous freedoms (not the crack pot religious right freedoms, but the religious freedoms of everyone else). Welfare is doing what it is suppose to besides what the entitled elite of the country will tell you.
The NSA stuff is bullshit, but honestly I wouldn't expect anything different from any other president. The security/freedom is always a balance and the government will always try for extra security at the expense of freedom. People hate loosing their freedoms but if something bad happens all the complain about is "what was our government doing, why couldn't we stop this." Its our job to push back on government in this area.
The ACA website is a total disaster. This part irks me more than anything as there was a ton of money spent on it and Obama and the dems knew that if this didn't go off without a hitch the crazies would actually get some traction. Personally though I wouldn't be surprised to find some sort of sabotage in this area and I believe once the program get off the ground it will do plenty of good.
So, as I said before inconclusive, but theres my reasoning.