Not to say there isn't a problem of wrongful intolerance here, but it's been squashed more and more over the years and I don't think we're a very good example of a racist empire, since we probably have the most diverse ethnic population of any major nation.
I don't think a person belonging to a race that constitutes around 12% of a country's population could have gotten elected president in many other countries.
I think (and hope) that Obama's election will put a major dent in the racial politics of Jesse Jackson, Al Sharpton, and the like. Their politics revolve around keeping white people "on the hook" for the sins of their ancestors. A political ideology based on getting what you want based on the indignation and the unwarranted guilt of another is doomed to fail.
To his credit, Obama rarely made race an issue in the campaign. Its entirely possible that this was purely an expedient decision - if he had campaigned on the politics of Jackson and Sharpton, he would have lost, and lost badly.
Some people will have to seriously question the caricature of America that they so dogmatically cling to.
Of course, this isn't to say that racism isn't a problem in America, or anywhere else in the world. It just might not be the overwhelming and pervasive force that some people assumed (and for the sake of their ideology, needed) it to be.
Electing a black president doesn't mean the end of racism by any stretch. That can only come from a fundamental cultural and philosophical shift away from collectivism and entitlement.