Constitutionally, he's required to give from "from time to time," not every year, but the expectation is that, yes, there will be an early 2009 State of the Union address.
But given that President-elect Obama's inauguration takes place a week or so before the SOTU is traditionally given, the plan, as of right now, is to push the formal State of the Union into early February. Note: the speech might not be labeled as a "State of the Union" -- it might be labeled an "economic address."
And note well that Obama's first budget is due in the middle of February....
