I think it has to be in the running. I thought we were likely to see an incredibly ponderous campaign brought about by the connection of two uninspiring candidates with little to run on beyond how horrible the other guy is, and nothing I've seen so far has surprised me. It's hard to imagine any prior election that has been driven to such an extent on both sides by fear of the opposition candidate.
Observing liberal blogs during this election has been educational for how much lesser-evilism has been expanded to convince more and more skeptics where before it was pitched only for a few marginal hippies who were probably too stoned to vote anyway. Sure, there are the usual careerist "liberal" pundits at the Washington Post or New Republic who'll defend Obama's conservative record on its merits, but even the American Prospect and leftward crowd is usually left with half-hearted apologias about "the best we can hope for under the Present Situation." But of course, Mitt Romney is a real shitbag; that cannot be emphasized enough. And this is the Most Important Election in the History of the Species, or at least until 2016 anyway, because if Romney is elected, he will immediately make abortion and cute kitten pictures on the internet illegal. Plus, Obama is a real cool dude, and it would be really great to have a beer with him (oh wait, that was the meme for another guy) I mean, it would be really great to shoot some hoops with him.
Today I've read in several places odes to the cinematic greatness of the Obama team's newest attack on Romney's record as CEO of Bain Capital, and particularly how it's a pleasant departure from past Democrats' kid gloves approach. Hell, I'll say it had better be good. It isn't as if the Obama team has much else to hang its hat on. Luckily for them the Republicans are putting up ideal competition for the political environment in 2012; an empty-suit embodiment of the American plutocracy who's as dynamic as dry bacon. Oh Lord, make it stop, make it end.