Am reluctant to say this, but it is still my gut reaction after sitting here for awhile thinking about it. As stated, this looks like a potential trap that could marginalize the nascent Tea Party movement.
Obama has a huge well of knowledge available from his policy people (whether one agrees with them or not) that, at least right now, the Tea Party leaders are unlikely to possess. If they go out and prepare themselves, that may be help.
It is also in a town hall atmosphere where true debate over complex issues is not possible. Lastly, Obama is the most skilled orator of our time and the public is emotionally involved in these issues but not particularly well informed. And the public is still in his thrall. No one in the Tea Party movement will have that level of currency with a national audience.
It is a mud cocktail by my lights.