These kids are already being taught to worship Obama as if he were some kind of god. That's what kids in North Korea, Cuba, Saddam Hussein's old Iraq, and other totalitarian regimes were taught to do as well. The purpose is if they grow up seeing their leaders as god-like they're less likely to rise up against them.
Check out the beginning of the video which says this took place at a neighbor's house in Venice, California, as if it were some kind of spontaneous, grassroots effort by a bunch of musically inclined neighborhood families, but the video itself doesn't support that. They have t-shirts with what looks like a professionally designed logo, and they had to have spent many hours with these kids teaching them to sing in harmony a song that doesn't sound like it was written by some random parent. Nope, I'm not buying what these Obama worshipers are selling.
Message: With Obama, all things are possible.
Update: Bookworm watched the video and couldn't help but think of the tactics Communists and Nazis used to ensnare and then indoctrinate children into placing loyalty to the State above their families.
Update II: Bob Owens at Confederate Yankee did a little research and found that this video was in fact not a spontaneous grassroots effort but was in fact put together by some very wealthy and well connected Hollywood types.