From an interview with Saturday Night Live supremo Lorne Michaels in a New York Times article on SNL's plans for the election:
But Mr. Michaels acknowledged that Mr. Obama has been a challenge. What is his comedy hook? “So far we haven’t found it. My joke is always that he’s the first Canadian president,” said Mr. Michaels, a Toronto native. “He wants to think it through, do it in the fairest way possible and be thoughtful. And be a little distant, which I totally identify with, obviously.”
Mr. Romney? “He’s easy to play because of that caution of his.”
The sad thing is that I doubt if Michaels gets why it's funny that he uses one word ("caution") to describe why Romney is easily spoofable, and 39 words to describe the identical trait in Obama, which SNL hasn't figured out how to make funny after years of trying ever so hard.
Is Obama the most boring President ever? At least with Gerald Ford, you were allowed to make fun of him.