Here's my take.....
Term limit for Presidents ought to be lifted. It's more positive than negative. No horrible President would survive past 2 terms.
What's needed would be at least a third political force. President should be appointed by the majority of the Congress, and not elected separately.
The performance of any given President can only be as good as the decision power of the party he belongs to is.
We are going through exactly such times at the moment. The power isn't there, for the President to back his decisions. No matter how good they would be, the opposing side shuts him down. If that power doesn't shift to either side, the next President will have the very same problem to deal with. No matter from what Party he/she comes.
As it is, the country basically cannot be governed.
Theoretically the President could step down, or re-elections could be called out. Other countries can and do resort to such measures, because they do have more than 2 political forces and within their congress the abilities for new coalitions and majority building is possible.
---------- Post added 2013-01-06 at 11:24 AM ----------
Current situation for Presidents..
Year 1. Getting into the loop. Picking up where the old guy left off.
Year 2. Getting things started and moving... Being productive. But with caution, we have state level elections too...
Year 3. Working on things from year 2, with even more caution, the next term is nearing.. and fund raising for just that..
Year 4: 2/3 of the year are dominated by campaigning...
Basically, no 1 term President can ever be effective at all.
Only 2 term Presidents can go all out.... of course again.... with some limitations regarding re-election of their party next time around,