I think that Obama's success is due to being being well protected. Abu Gharib was blamed on Bush and Cheney. Peeing on corpses doesn't have a cute name and surely isn't being foisted on the CiC. Solendra has not been linked to Obama like high oil prices were linked to Cheney and Bush. In fact, high oil prices seem to be ignored these days. Recently, someone posted a list of Obama campaign comments vs. achievements - again this disparate message has been well hidden.
So to answer your question, yes I see a big fallacy in the article. In fact, the main reason for Obama's success lies in the article itself. As Newsweek calls Obama a success and his detractors dumb, it leads to false conclusions. Is Obama successful? His approval rating doesn't indicate success. Are Obama critics dumb? Probably some are dumb and some are brilliant. However, if enough news outlets regurgitate the false message, it resonates as truth. This in the turn should result in higher polling numbers as the message is repeated.