Yes, the way the press corps has been fawning over Obama and Michelle is sickening.  The fact that the press has simply become stenographers for the White House makes a mockery of their claimed mission of being a watchdog on governmental power in the name of the people.   Even the AARP magazine has an article about why health care reform is needed, and it is nothing more than a word-for-word recital of the White House web site.  Yes, it's sickening. 
But is it really all about the "O"? 
Hardly.  Does anyone, and I mean anyone, left or right, believe that if Hillary Clinton was president now, she would receive any less supplication from the press?  Yes, the press did turn on Hillary during the primaries in a manner that was, say, unexpected (at least very unexpected by Hillary and Bill).  But all would have been forgiven had she become the nominee.  There is no reason to believe that there would be any less praising of her every word and act, than exists today for Obama. 
And let's be realistic.  Imagine Bill Clinton as the "First Laddie" and compare the press adulation that he'd get to what we see for Michelle as the First Lady.  A Bill Clinton shopping trip in Paris would also be front page news.  The throngs of Europeans pressing forward to shake his hand as he strolled the streets of Paris, or London, or Vienna, would be immortalized in hundreds of pictures spread across thousands of newspapers. 
There is no reason whatsoever to believe that this is all about Obama.  This is all about Leftism.  All  about Progessivism.  All about a media in love with it's love of Leftism and Progressivism.  Their messiah has come to rescue them from the dark and sinister days of Bush/Cheney  But that saviour could have very well been, and was supposed to be, Hillary.  Their salvation was a self-fulfilled prophecy, once the media decided to stop doing reporting and started doing leg work for the Democratic Party.  That Obama is the benefactor is simply a matter of his being in the right place at the right time.