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Obama says substantive things in debates -- when he has to. His website and his speeches are too platitudinous. His hope-schlock is working for him and he is sticking to it, at least for now. I think he may be rather hung up on his own oratory and charisma. You are right that, much of the time, there is no there there.
I still think he is a good person and would be an effective president (as would Edwards or Clinton) but my fear is that, should he win the nomination, he would face a Republican opponent who does not pull his punches as the Democrats thus far have done. They have been pretty easy on Obama. I think the time has passed when a candidate can win on inspirational oratory alone, but I could be wrong.