This is one of those situations where it's not a problem until it is a problem. Aside from the general _management_ problems you'll have, a poor manager isn't going to be able to advocate well for promotions, etc. for his team. So there's a good chance your advancement at the company is stalled as long as you work for this person.

Is this something you can do anything about? Well, "fixing your manager" is a high risk, low reward activity and personally I'd advise against it. My advice would be to try and get an internal transfer while things are still "good" and if that's not an option, look elsewhere.