Clearly President Obama has dropped a bit in the approval polls, but I don't see it as anything to worry about. I frankly lay more of the blame for this at the feet of Sen. Reid and Sen. Baucus whose dithering has caused the delay in passage of health care reform. If there's any fault by the President its in not pushing on congress hard enough (they seem to have taken too much of a lesson from President Clinton's fight with this), though at the end of the day I think we will have a bill (though not a great one) that will be signed.
I think the poll of polls is a bit skewed because it includes wonky numbers from Rasmussen and Zogby, but yes its down to about 52%... more than double Bush's approval, so while Obama's numbers are down we are legions away from a presidency that appealed to only zealots.
Here's what I said before:
My guess is that President Obama will average out somewhere from 55-60%, though I of course hope for the highest possible rating.
I do hope the president sends a thank you card to Reid for making life difficult.