An interesting (short) blog on it here: http://blogs.telegraph.co.uk/nile_gardiner/blog/2009/06/22/the_iranian_crisis_barack_obama_has_failed_the_3_am_test
My biggest concern when Barack was elected is that he would pussyfoot around rogue states or corrupt dictatorships. Sadly, this seems to have become a reality; he has shown real weakness on this issue.
This is no time for olive branches or appealing to reason. Tough words are needed on Iran and, if necessary, they must be backed up by tough actions. Obama's done nothing to recognise the gravity of the situation and has certainly shown no ability, or even willingness, to rectify what is going is on. He has chosen to put himself forward as the leader of the free world, but I am yet to see much leadership here. In fact, apart from on green issues perhaps, I am yet to see much global leadership anywhere.
One question a lot of the blogs seem to be asking, is what would Thatcher and Reagan have done? Or for that matter, what would McCain have done? At a bare minimum they would have shown leadership.