I wouldn't call this "giving up." I'd call it "setting priorities." By virtue of the electorate, Ohio pretty much has to be won before Michigan or Pennsylvania. So it's much smarter to use your money locking up the Floridas and Ohios than gambling with it for the Michigans. If things move enough that the Republicans are confident about Ohio and Florida, then these PACs should move onto Pennsylvania. But right now, I think this is a smart play.
I'm inclined to agree. The Romney campaign and PACs have way more money than the Democrats, but this is probably a tactical move based on strategy. Ohio is more likely to flip than other "Rust Belt" states, so it makes sense that it would have priority. Ohio and especially Florida are crucial to the Republican strategy; Pennsylvania and Michigan are not.
That being said, the election is more than two months out. There's plenty of time for the campaign to go back into those states if and when the time is right. I can understand why this can seem like a setback, but looking at the nationwide trends, Obama is more likely to lose ground than gain ground as we get closer to Election Day. I'm willing to bet those two states will be competitive, but the PAC is likely going to focus their energy elsewhere until the polls are more favorable. It's also been pointed out that this is a PAC we're talking about and not the Romney campaign.