Obama has any number of reasons not to go after the Bush administration. For one thing, in 230-odd years of American democracy, no administration has ever prosecuted the previous administration. Breaking that tradition would open the door to some truly horrible politically-motivated prosecutions. While you can make any number of good arguments that the Bush administration broke the law, it's not hard to imagine a new administration, bent on revenge or scoring political points, prosecuting a member of the last one for, say, lying about sex. (No pun intended.)
I do like the idea of declassifying Bush-era documents, though I don't know how that works legally. Lots of civil lawsuits directed at Bush and Cheney would be groovy, though I suspect this Supreme Court would probably invalidate most of them. And I have a suspicion that, if enough of this stuff becomes public, the Obama team will have ways of addressing Bush-era abuses that would be more creative than anything we've discussed here.