From this Associated Press article by Joan Lowy:

Activists at a conservative political forum snapped up boxes of waffle mix depicting Democratic presidential candidate Barack Obama as a racial stereotype on its front and wearing Arab-like headdress on its top flap.

Values Voter Summit organizers cut off sales of Obama Waffles boxes on Saturday, saying they had not realized the boxes displayed ''offensive material.'' The summit and the exhibit hall where the boxes were sold had been open since Thursday afternoon.

...While Obama Waffles takes aim at Obama's politics by poking fun at his public remarks and positions on issues, it also plays off the old image of the pancake-mix icon Aunt Jemima, which has been widely criticized as a demeaning stereotype. Obama is portrayed with popping eyes and big, thick lips as he stares at a plate of waffles and smiles broadly.

You can see a picture of the box at the site that sells the mix here, and there are other pictures here; apparently one of the instigators of the cessation were activists from the group American Atheists.

Meanwhile, there's a picture of Aunt Jemima here, and a wide selection of Obama caricatures are available through this search (or this). Somehow there appear to be significant differences between the former and the latter including those from Obama Waffles. See also the John Kerry caricature at Obama Waffles' site. See also the long history of political satire. See also the fact that the AP doesn't mention the incident where Obama wanted to be left alone to finish his waffles. See also the multitude of images of celebrities next to products and satires of same.

See the wonderful future where president Obama's minions would play the race card in an attempt to ban anything that portrayed him in a bad light. And, see the AP trying to score two points: one in an attempt to portray conservatives as racist, and another specifically just to help out Obama.