Yes, but the real point is that, contrary to Carter and Clinton, Obama doesn't more need to be saw as a moderate. The democrat's advantage permit them to run as real progressives instead of moderates : now a liberal like Obama can win the election without the help of the South ( excepted Virginia who is influenced by Washington DC suburbs ).
But only if they do as well as Obama - and Gore - in the suburbs. Which depends on continued unpopularity of the Republicans there. Which is not a given.
After Bush policies, who ruined American economy, they will continue to have resentment for at least one decade. Don't forget that the last who did so, Jimmy Carter, permitted a 12-years period of republican government.
Suburban, middle class voters have notoriously short political memories. It doesn't take long after a crisis for them to return to their vain pursuit of the American Dream (which drives them into siding with the wealthy classes), and aloofness towards any intellectual ideals in politics.