I did. There are two restrictions: the first is that a person cannot be elected more than twice. The other is that no person shall be elected more than once and serve more than two years by any other means. It does not make an exception for which order those two criteria occur. Ergo, because Obama has already been elected twice, he can only be appointed for two more years under any other means, then can never be President again.
Now, there would be a loophole if a President were elected once, then that person could continue to succeed to the Presidency as many times as they wanted. But practically, I don't know how workable that is unless we slide into despotism.
No, you have misread the language of the amendment itself. It does not say "that no person shall be elected more than once and serve more than two years by any other means".
Section 1 of the 22nd Amendment states as follows:
No person shall be elected to the office of the President more than twice, and no person who has held the office of President, or acted as President, for more than two years of a term to which some other person was elected President shall be elected to the office of the President more than once. But this article shall not apply to any person holding the office of President when this article was proposed by the Congress, and shall not prevent any person who may be holding the office of President, or acting as President, during the term within which this article becomes operative from holding the office of President or acting as President during the remainder of such term.
The first clause says that no person shall be elected to the office of the President more than twice.
The second clause says (and order is important here), if a person has previously held the office of president, or has acted as president, for more than two years of a term to which some other person was elected, then that person may not be elected more than once.
That second clause says that if a person reached the office through some means other than election, to fulfill a term to which some other person was elected, and that person was in the office for more than two years, then that person may only be
elected to the office one more time.
What matters here to the second clause is the fact that the predicate to the clause is "no person who has held the office" - i.e., in the past, shall be elected to the office (i.e., subsequent to their first holding of the office through other than being elected to it).
The amendment places no limits on how often a person can hold the office, only on how often a person can be elected to the office. That means - as a purely technical matter of the law itself - that if a person manages to get into the line of succession 100 times, and once in the line of succession, is elevated to the office of president, that person can serve for 100 terms.
Finally, the amendment does not limit further service based on the number of prior elections. It only limits the number of elections and, in the second clause, only limits the number of elections based on prior service.
The language has to be read carefully.