Obama Circle of Life - Is this Cartoon Racist?

This cartoon (by Cagle.com cartoonist Hajo) has raised concerns of racism because it depicts Barack Obama as a monkey. Some say that historically racist depictions of black people as monkeys makes this cartoon insensitive at best, and racist at worst.

Others feel that while history must be taken into account, we must move beyond it. Furthermore, there is no racist intent in this instance. The President contextualised the cartoon himself when he referenced 'The Lion King' in his recent rebuke of the birthers.  

It's an interesting and important debate, especially from a South African perspective.
What are your thoughts?