Obama's election had a few components.
1. I'm not GWB.
2. The unspoken obvious: I'm a black man.
and the combination of these two being: "I represent change"
He represented change the same way a black model in an Abercrombie & Fitch advertisement represents cultural universality. It was effectively nothing more than a marketing scheme, a new and colorful repackaging of all of the same policies, attitudes, and actions that we had during the Bush presidency and several others going back a few decades.
I'll even admit this: I fell for it. I was young a foolish, I watched CNN, I was more interested in supporting my own ideas than challenging them.
Policy-wise, Obama seemed during the campaign season to be a solidly left-liberal, but during his presidency he's been firmly centrist, often even conservative leaning. He has won a few "liberal points" on social issues, but he's overwhelming to the right of where people expected him to be.
However, personally, even if he were as liberal as people thought he would be, I wouldn't support him anymore as my support for liberalism has faded.