I'll leave it you to read the blow-by-blow in the Wall Street Journal, but here is Rove's [seemingly understated] conclusion:
.... In 2008, Team Obama ran a first-rate campaign. They made relatively few unforced errors and capitalized on openings. Things look very different this time. The re-election effort is off-key and off-balance, making the president's strategic weaknesses more apparent. His record is uninspiring. He has no explanation for his first term and no rationale for a second.
Mr. Obama may have difficulty leading and governing but has been considered an effective campaigner. Events in May are starting to call that into question.