So would you think its worth it? Like you said, someone with supreme power in *some* situations could be of benefit to the State, but what if he made the wrong choice, or became incompetent? Insanity + Power = D: (Nero, for example)
That's why there would be elections. You think Obama would try to abuse his power? Hell no. Too soft.
He may make bad decisions according to you, but he wouldn't abuse it.