I wasn't particularly enamored with the Clinton administration (though the insane behavior of Republicans toward him made me take a more favorable view of him at the time). I thought then--and do more so now--that by shifting so far to the right they were leaving a large swath of the public behind to gain the support of people (and businesses) who were broadly at odds with Democratic ideals which are quite popular.
Obama's rhetoric was good to hear, but his politics are in many ways even worse (i.e. more conservative). In the end Clinton was more liberal than Reagan. Obama really isn't. I don't have high hopes for the upcoming State of the Union or what it will mean going forward. Even if he sounds more populist, I just don't see any evidence that his policy positions will move that way.