What Matt said
Reagan was a psychotic man who nearly blew up the world and used paranoia and fear to change our culture and government in horrible ways. He also wasn't particularly popular, though as a politician, he's worth admiring for his raw political skill. Conservative ideology is based on greed and fear. There's no such thing as a good conservative leader, period. It is a fundamentally bankrupt, corrupt, and fraudulent ideology, and there is nothing laudable about people like Reagan who tap into the worst of America.
So why is Obama praising him? True belief? Cynicism?