I wasn't going to waste time on this, but now that Drudge is playing it, I have to respond.
Folks, this is a classic political hoax and the reason we know it is simple; Why would Obama do something like this?
A lot of time and money went into drilling these kids to say these things, then video taping, THEN EDITING a final presentation. The editing proves that this was intended to be distributed. This was DESIGNED to be released.
For reasons that must be obvious, Obama cannot use this edited video in his campaign.
Equally obvious is that this video is usable in ( IS being used in) a campaign AGAINST Obama.
Q.E.D. It is a hoax. And it stinks of "Turd Blossom."