Oh, oh....I'll give it a shot.
O.B.A.M.A. = one bad ass minority applicant?
Minority and bad ass in a good way of course, as in shaking up those right wing Christian wackos.
There is no way to highlight Obama on the title line other than to capitalise it (standard is always bold, you cannot use colour or italicise).
It is ironic that Obama is being accused by a few of sounding like a preacher with his intonations and repetitive use of certain words - linking it all with a type of call-and-response motif. But the actual preacher turned politician, Huckabee, who won on the Republican side, is being characterised by the same crowd as a "regular sounding, low key, next door neighbour." There is much that can be read into all this, but I shall let others do that.
Finally, I have seen blogs where Europeans reacted to Obama's speech. They are all over the map: from excitement and encouragement from a few Swedes, to labels like 'overly emotional' or 'over-the-top' given respectively by people who identified themselves as Dutch or English. And there is much in betwixt these two extremes. Again, let others interpret all this.