Although there has been a lot of chaos in the region due to the Arab Spring, Obama has handled the situation correctly. In many cases, there have not been any good options. A lot of his opponents have criticized Obama, but there is always conflict in the Middle East and no one could have handled it perfectly.
No, Obama did not properly handle the Arab Spring, because Egypt was too important of a country to lose. Egypt was important militarily, to have an ally in the region in addition to Israel. The Arab Spring does not appear to have accomplished much in terms of human rights, because there is widespread crisis in Syria, terrorism in Lybia, and continued problems in the other countries.