From Instapundit comes this fair assessment:

SOME PEOPLE ARE MAKING A LOT OUT OF THIS MICHELLE OBAMA VIDEO, but this time I don't really see it. Yeah, she talks about ignorance and comfort zones in America, but she's talking to what appears to be a largely black audience, and I think she's challenging them to get out of their comfort zone. So I'm just not seeing this clip as anti-American, anti-white, or whatever. I think she's trying to get people together.