No he isn’t. If by “losing badly” you mean “losing by a greater margin than is usual” that’s virtually impossible. There’s no realistic scenario, barring a live boy/dead girl revelation, that would gut Romney’s support much lower than it is now. Realistically, the worst Romney could do without bring caught raping a hobo would be if he lost every swing state including North Carolina, which would be a margin of 347-191, actually BETTER than McCain did. That would also probably mean a popular vote margin of 5-6%, probably less than the 2008 margin. Romney will probably lose; he will almost certainly not suffer a bad defeat, though. He has a solid hold on a lot of states.
People think of these things as close because the Bush victories were so narrow, but in fact, historically, the EV margin is usually not that close; Obama’s 2008 victory was not at all spectacular by modern standards. Clinton’s 1996 election was more impressive and his 1992 election was about as good as Obama’s; both Reagan victories and Bush 1.0’s win were landslides. Going by the EVs won by the winner:
2008: Obama 365
2004: Bush 286
2000: Bush 271, plus 1 faithless elector
1996: Clinton 379
1992: Clinton 370
1988: Bush 426
1984: Reagan 525 (ouch)
1980: Reagan 489
1976: Carter 297
1972: Nixon 520
1968: Nixon 301 (Last election in which a third party received EVs)
1964: Johnson 486
1960: Kennedy 303
1956: Eisenhower 457
1952: Eisenhower 442
1948: Truman 303
So in 15 post-war elections before 2008, 9 saw the winner take home more EVs than Obama did in 2008. Realistically I don’t see how he takes that many this year; putting together the map, I see a great night for Obama being a 347-191 victory. He won’t hold Indiana.