It's satire people. In fact the intended TARGET of the satire is the people who have painted (in this case figuratively, not literally) Obama as a Muslim extremist and his wife as unpatriotic. The editor of the New Yorker attempts to explain that here.
When I hear how unfair Obama supporters think the cartoon is, I marvel at how silly our country has become. The fact that at the end of the day only about 10 or 15 percent of the Americans that see this cartoon are going to "get it" is the disturbing part. Some smart people won't bother to think about it and plenty of stupid people will get all worked up over something they don't understand. The point is, it's a shame that the New Yorker (whose readership is made up of highly educated, politically literate people that will have understood the satire) has to worry about what people who catch a glimpse of the picture on CNN are going to think.