On March 20, President Obama is scheduled to spend 3 days in Israel. It appears that this will occur irrespective of whether Benjamin Netanyahu has formed a new government or not.
Obama is also planning to speak at the Jerusalem convention centre auditorium and not at the Knesset, supposedly to ensure neutral territory. If the consequences of his speech in Cairo in his first term are anything to go by, his speech could potentially be an attempt to dictate policy, in a dangerous way against Israel’s primary interests. Hopefully that will not be the case.
Barry Rubin has an excellent and more positive overview of how Israel should view Obama in this second term. See here He feels that thus far, Israel has managed to preserve most of its key interests.