99% of Obama's time is spent dealing with serious issues very seriously. Some of that finds it on to the internet and into the public eye, but not a great deal, because it's seen by most as boring.
1% of his time is doing things like this and cracking jokes. This is more interesting to people, so it's what most people see of him on the internet.
In terms of his actual failures as president with regard to things such as the economy; there's only so much he can do. He's a president whose party enjoys a minority of seats in congress, so most decisions on new laws are out of his hands.
I think it's great that he can take the time to put a light face on politics and not take it seriously 100% of the time. Currently people are becoming disenchanted with politics, thinking that it's stale, corrupt and just plain boring. It takes leaders like these, ones who can identify with both young and old, to reinvigorate an apathetic youth.
In the UK all of our leaders are boring as fuck and almost nobody likes them. They can't make or take jokes, they do nothing but bore people.
vis-a-vis this particular video, I think it was a good way for him to activate the electorate in an issue that directly affects them but one that they might not know a great deal about. Half of a politician's job is making decisions for the people, the other half is to inform the people of the decisions being made.