I don't feel that it's up to the State of Hawaii to make the document public- I think Obama should do it just to put the matter to rest.
I don't think it's even up to Obama. If the law says the long form document can't be released, then he's also bound by law. He is the President, and while it may seem the President is above the law, or makes the law, that just isn't how it goes.
And I don't ever buy the line that he's no longer a private person. He has a job, yes. But he also still has a private life. And I don't know all the in's and out's of what can be done with a birth certificate, or the information on it. But I do know it's often abused by criminals, and it's never a good idea to release it. I know I wouldn't go about giving mine to anyone who wanted it.
I think the matter is honestly rested. Even if he were to somehow release it, it wouldn't satisfy the people who doubt it right now. I believe they'd then call it some conspiracy involving the state of Hawaii, or that it was a forged document. I don't think there is anything he can do to satisfy the doubters.