Sullivan basically sums up my feeling:
It's nutty, offensive and paranoid stuff. And it is perfectly legitimate for reporters and voters to ask questions. It is not much nuttier than Falwell and Robertson, however. And I don't think it's racist to understand that the black church has a different cultural style in its preaching and activism style that helps add some dimension to Wright's record.
Also here's a video of Trinity's incoming pastor which makes me really hopeful