President Obama admits to his indiscretion, apologizes unreservedly for his unbecoming behavior, vowing it will never happen again, asks for First Lady Michelle Obama's forgiveness, which she gives, emphasizes to the voters his remarkably successful first term, and leaves his fate in the hands of the American people, who always make the right decision.
Voters believe the President, realizing he is only human, though condemning his behavior, and decide to re-elect him overwhelmingly, rather than putting someone else, Palin, so obviously unqualified, into the Presidency.
Obama/Biden 501
Palin/Pawlenty 37
I wish.
Obama would probably lose in this situation.
No one really cared about Lewinski, and with such a huge lead and such a successful first term as Obama is given in this scenario, he'd definatley still win.
Now if the election was very very close, then an affair would be a lot more damaging, and would probably lead to his defeat.
The worst effect I see happening to Obama is him becoming the fodder for late night comedy jokes:
"What is President Obama's stance on protection? None, LOL!"