That is the April cover of the American Spectator, which I saw at Eschaton (who found this via Pandagon). I have to admit, I was pretty shocked. I do not think the staff at the American Spectator are racist (there is no doubt that blackface is racist)- I have not yet read the main article that the cover is supposed to draw attention to, so I will reserve judgement for the contents of the magazine.
What shocked me was that someone could be this stupid to put this racially divisive picture on the front of their magazine. And a conservative magazine, at that. They may have many fine and interesting arguments to make about the failures of affirmative action and multiculturalism- but will that get through the shock and awe created by this cover? I doubt it. All people will remember is the revulsion they felt when they were reminded of a pretty unpleasant part of our history- and that someone today is making comparisons to attempts to remedy those past injustices with the crimes and injustices themselves. If you are that stupid and insensitive that you do not realize what your cover is going to do to people- why would anyone bother to read what you have to say?