Well, the “O” was the identity for the Obama ‘08 campaign and the campaign is over. That doesn’t mean that the mark will be forgotten; I think the memorabilia from this campaign will have a long shelf life and will stand as a visible symbol of pride for people who supported the candidate and for those who see it as a representation of a watershed moment for our country. As far as having another life, I can’t say. Perhaps the 2012 campaign will hark back to it in some way.
Sender’s web site has a bit more info on the development of the Obama brand.