David Cameron should not be overestimated, it is true.
He is too concerned with being liked than being respected - especially on the world stage. Sometimes, he has a lack of steel - especially on matters European.
His main weakness is that he is too interested in winning over the grudging respect of Guardian readers, and not interested enough in winning over the full-throated support of Sun readers.
That said, he should not be underestimated either. His domestic agenda is excellent. The welfare reform, the education reform, the higher education reform, and above all the deficit cutting - he has shown some backbone there.
Above all, he is a fairly natural leader - but his wishywashiness will come back to hurt him one day. Unlike Brown, Cameron doesn't suffer from a lack of decisiveness, or a lack of courage - but he doesn't seem to have much of a philosophy. In the short-term, it won't matter - but eventually, it will.
I don't think Red Ed is going to be the one who gets the better of Cameron though.