See here:

http://donalblaney.blogspot.com/2009/05/obama-at-white-house-correspondents.html

Apart from a few good lines, it's pretty dull and delivered terribly; it's really obvious he's just reading someone else's lines. And every so often he strays into overly smug territory.

When they did something similar to this during the election campaign trail McCain was much funnier, can't find the video at the moment though...