Ezra outlines why this is a good deal in pretty convincing fashion.
That said, I really don't understand the rather seething resentment Obama displayed yesterday toward, presumably, liberal activists and writers. I don't know how that comports with a dude who, on several occasions, asked progressives to hold him accountable. If you campaign on ending the Bush tax cuts and then don't do it, expressing disdain for that fact strikes me as "holding him accountable."
His anger at the Left--for basically being the Left--is as bad as the some of the Left's anger at him for basically being a politician. It's worse, in fact. He's the president. You can't preach to people about the evils of "tax cuts for millionaires and billionaires," and then wonder why you get this sort of push-back from the people to whom you were preaching.