If the President now has a near-50% approval rating seventeen months before the election and a year before even primary campaigning begins, then he is in very good shape.
Obama's overall approval rating is above his approval rating on nearly every substantive issue.
There's a lot of room for his overall score to go down once the campaign season revs up.
And "near-50% approval" isn't exactly "very good shape" for an incumbent. It means that his chances are largely subject to the strength and popularity of his opponent.
