although the concern is justified, imo.
During wartime, the President can (and has) actually repealled several rights, including habeus corpus, right of the press and the right of speech. Several people have argued that we are both at war in Iraq and with Terrorism, with all that implies - including declaring martial law.
Hell, if you go back far enough, one President actually declared several treaties null and void over the US Supreme Court. The full power of a popular President (or a disreputable one) is vast.