This has already been explained a few times, but it keeps cropping up in attacks on Obama: here's a little article from the NY Times - explaining Obama's "present" votes as a state senator (from another state senator):
Senator Barack Obama was not ducking his responsibility in the Illinois Senate when he voted “present” on many issues...In the Illinois Senate, there can be strategic reasons for voting “present” rather than simply no. A member might approve the intent of legislation, but not its scope or the way it has been drafted. A “present” vote can send a signal to a bill’s sponsors that the legislator might support an amended version. Voting “present” can also be a way to exercise fiscal restraint, without opposing the subject of the bill. Mr. Obama was an outspoken member of the Illinois Senate, and not someone known for dodging questions, whether they were on ethics, police responsibility, women’s choice or any other hot-button issue.
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