It implies that when people complain that some attack on Obama is racist, then they are really just using that to camouflage a legitimate complaint about Obama, policy-wise.
I have no doubt whatsoever that some people -- and particularly the likes of Sharpton or Jackson or even Spike Lee -- will see most criticism of Obama through racial lense. And they will complain about it.
And in doing so they ironically will hurt Obama because it will sure look to some on-the-fence voters that the angry black man that is Rev. Wright is lurking just below the surface.
I think that's what the hesitation is really about -- worry that Obama deep down empathizes (not just sympathizes, but empathizes) with the level of frustration that Wright has so as to make him so divisive and overly sensitive. I imagine taking advantage of this uneasiness and lingering suspicion that Obama has these same feelings as Wright (maybe not as strong, but there), is going to be a big part of the campaign.