If I were a Dem strategist...

For this to be a truly realigning election, Obama has to win by >8 points, and the Dems have to keep control of Congress beyond 2014, and the Dems have to enact some substantial legislation -- universal healthcare is the standard there. Anything less and it's just the liberal movement playing extended defense. The odds are fair for the first one, difficult to calculate for the second, and entirely dependent on Obama's unproven ability to push an agenda for the third. I give it about a 1:4 shot overall.