There's apparently a bunch of different people saying a bunch of different things about that New Yorker cover. The magazine meant it as a satire on right-wing propaganda relating to Senator Obama. Some people on the right are saying it's all too accurate. A few on the left say it's racist, or something.
To me, the image is kind of appealing in its own right. Michelle Obama in a black top and camo pants, toting an AK47? HAWT!!! And Barack himself looks NTBFW in that kaftan. Maybe crop the right edge of the picture. I'm not a big fan of Osama, believe it or not. And flagburning is kind of hack.
Still, it's a trip. It would be interesting to see a major party candidate run on a platform of "rock n' roll, dope, and fucking in the streets." But then they'd have to redesign the website, and I guess all the interns are assigned elsewhere.