I've been on a politics kick lately (puppets and animation will return soon enough). An interesting article in Foreign Policy magazine by Christian Brose, the Secretary of State's Chief Speechwriter until recently. It basically explains why (i) the caricature of Bush's first-term foreign policy is not the status of the world now (though much of the second term was spent trying to fix the mistakes of the first) and (ii) Obama, on most major fronts, will have little wiggle room for how he deals with other nations. The only one that he's probably wrong about is Israel/Palestine, since it was written before this whole Gaza thing happened.
In many ways, an Obama presidency is exactly what George Bush's administration needed--the foreign policy will remain effectively (though not rhetorically) the same, but the world will treat it like it is something brand new. Basically, we will still give Europe the finger half the time, but now, since we'll have such a remarkable president in their eyes, they won't care so much.
Also, no one should be surprised when the rest of the world (and Americans) begins to cool off to Obama. It happens to all presidents, some (George Bush, LBJ) more than others (Clinton or Reagan).