In Imperial Rome they would say Ave Ceaser! or in English Hail Ceaser! as a greeting. That kind of thinking is something our Founding Fathers were allergic to. George Washington could have set himself up as King, the veterans of the Continental Army would have supported him. Instead he talked them out of overthrowing the new government and after two terms retired back to his farm. By these actions he embodied the spirit of a great Roman patriot - Cincinnatus.
So when I see people flying a copy of the US flag where President Obama's picture replaces all the stars of the Union, I have to think of the Roman Emperors and their various cults of personality. Some of these rulers even thought they were truly divine. What history shows is most of them did far more harm to the Roman Empire than any external force ever could.
Whether my interpretation is what is on the minds of people who fly this flag is immaterial. History shows that once a leader becomes more important than the country he leads, the country itself is on an arc of decline.