There are some interesting currents moving about in the state and I think Georgia has - at least in demography - the ability to go even more Democratic than it did in 2008, but it might still not be enough to flip the state.
The Republican Party in Georgia doesn't have the best political infrastructure, either; they mainly just took advantage of the Democratic Party imploding in rural areas but in a large amount of statewide elections (when the candidate is white and moderate), Republicans don't move above 55% so they are a rather weak majority. The Democratic Party is heavily organized inside I-285.
The good thing is the general demographic shifts will move Georgia into swing-state status by 2016, with or without party intervention.
Based on some preliminary projections, it appears that Georgia's 2012 Republican Primary dipped 7-8% from 2008 levels. Another small good sign to add to many.
I ran some numbers - before the most recent uptick of Democratic preference in the past few weeks -
that gave a range of where Obama stands in GA. I would say even more so now, his baseline in Georgia in 2012 is no more than a half-point below his 2008 tally.