So is Obama President or Not?

With the debacle of the Swearing-In Ceremony--Obama hasn't said the words put forth by the Constitution. Even after the bumbling Roberts corrected himself when Obama paused at the incorrect words, Obama still said the words incorrectly. Here's a query for the Constitutional law scholar, now president and the Roberts, another Harvard Law Review Editor--is he or isn't he officially president? Can he now lawfully execute his office or not? What say you? (edited to add- My 8 year old just asked "Is that the first time it's ever been messed up? Anyone know?)

(Just an interesting tidbit- "Obama" trips the spell check)
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Here's what the Constitution reads:

"I do solemnly swear (or affirm) that I will faithfully execute the office of President of the United States, and will to the best of my ability, preserve, protect and defend the Constitution of the United States."

Here is the transcript of the swearing in:

ROBERTS: Are you prepared to take the oath, Senator?
OBAMA: I am.
ROBERTS: I, Barack Hussein Obama...
OBAMA: I, Barack...
ROBERTS: ... do solemnly swear...
OBAMA: I, Barack Hussein Obama, do solemnly swear...
ROBERTS: ... that I will execute the office of president to the United States faithfully...
OBAMA: ... that I will execute...(he pauses)
ROBERTS: ... faithfully the office of president of the United States...
OBAMA: ... the office of president of the United States faithfully...
ROBERTS: ... and will to the best of my ability...
OBAMA: ... and will to the best of my ability...
ROBERTS: ... preserve, protect and defend the Constitution of the United States.
OBAMA: ... preserve, protect and defend the Constitution of the United States.
ROBERTS: So help you God?
OBAMA: So help me God.
ROBERTS: Congratulations, Mr. President.