From the NYTimes.com: "With much of his legislative agenda stalled in Congress, President Obama and his team are preparing an array of actions using his executive power to advance energy, environmental, fiscal and other domestic policy priorities."
Yes, the Constitution does give the President the power of the Executive Order. Further the Constitution does allow for recess appointments. However...
The purpose of the Executive Order was partly to allow the President to take action in an era when the carriage ride to Washington may take weeks and mail was carried by horse. During that era, without the ability of the President to make recess appointments, and Executive Orders, the Government would not function (there is something to be said for the Government being unable to do anything--like raise taxes-- but I digress).
However, Obama has already expressed that he will use Executive Order power to DEFY CONGRESS and to DEFY the WILL OF THE PEOPLE. I site as example, when, during the State of the Union, Obama stated he would sign an Executive Order to override a vote of the Senate.
Executive Order is NOT intended for the President to make law what has been voted down by the Congress. The CONGRESS is empowered to make laws- NOT THE PRESIDENT. His use of the Executive Order, depending on what those orders are, could be called dictatorial.
Obama's State of the Union showed him as a potential dictator. "[T]he Senate blocked a bill that would have created this commission. So I'll issue an executive order that will allow us to go forward." Although he may think he is the ultimate power in this country, he is not.
His argument of "obstruction" by Republicans is also a load of crap- He had a super majority until last month and even now he has every vote he needs to pass anything he wants (with the exception of those few issues that require 2/3's majority) within his own party.
Obama had best be careful in how he uses the Executive Order--
"[G]overnments are instituted among men, deriving their just powers from the consent of the governed. That whenever any form of government becomes destructive to these ends, it is the right of the people to alter or to abolish it," -The Declaration of Independence
William at The Pirates Cove and Stop the ACLU is also discussing this issue. His article is a good read.