Having made a nasty comment about Rush's appearance below, let me quickly hasten to add that he has actually been correct in what he is saying (except about the Constitution per previous post).
First, he is correct in saying that in wishing Obama to fail, he is simply expressing his complete disagreement with him on virtually every policy issue, foreign and domestic. Rush is so far to the Right, that he doesn't agree with even a moderate liberal like Obama on virtually anything, so why wouldn't he want him to fail. In Rush's eyes, for Obama to fail is for America to succeed (eventually).
Secondly, he realizes that Obama represents a sea-change in American politics, a transformational Presidency that seeks to overturn much of what has been done the last 30 years. And he vigorously opposes and wishes to strengthen the backbone of what Republicans remain for the fight of their lives.
It is also true that the policy differences between Limbaugh, Sarah Palin, and Mitt Romney are minimal to nil. The Republican Party is currently so monolithic and ideological that it is going to remain a minority for some time unless they broaden their base somehow (which is actually what Steele is trying to do.)
Limbaugh represents the red-hot beating heart of the Republican Party/Conservative Movement. The only problem is, he is also very offensive to about 65-70% of Americans. Therein lies their problem.
As for Rush, he has no problem. This is win/win for him, even if it's lose/lose for the Republicans. He's loving every minute of it, egomaniac that he is. He is laughing and oinking all the way to the bank.
Ps. One more thing. Rush's challenge to debate President Obama on his radio program is off-the-charts in absurdity.