I think they will avoid a Portugese Water Dog because they are from Portugal and that conotes some kind of foreign relations preference.

I like them. They are a unique breed and have the benefits of the no-shedding thing which I could really appreciate. We have one in our agility class; smart, athletic, and a good size.
I have also heard that Labradoodles and Golden Doodles are all the rage and with the unethical breeding going on, I have heard about many that are nuts. Who knows what other issues they will have in the future as far as genetic defects, both physical and mental.
For the Obama's I have two words: Rott-Weiler.

I don't think they could handle one and the breed would instantly become more popular and the bad breeding would commence accordingly. That will happen (or continue to happen) with whatever breed they pick.