Here is another

To get this effect you need to download the bytes and pixels Word Art plug-in.
It is at the registry.
Set it up something like this.

Once you have created your word art and are happy with how its arranged. (i had to duplicate it a few times, and move the layers around.)You can either do that or create more than 16 types of font.
First open your Obama image as a layer
Duplicate it
Set the bottom image to invisible
Set your word art on top.
Erase the eyes and the ears on Obama image.Erase all the word art except whats on Obamas face.
Create a new black layer - set at bottom for bg
Now set the word art image on overlay and duplicate it until you are satisfied with the color tone.
I think darker looks better (i duplicated twice)
Now just save the image.

Results
