On one hand you have the right of people being able to publish a cartoon without fear that somebody who is offended by that cartoon will kill them.
On the other hand you have the right to express your contempt for those who make offensive statements about the religion, skin color, ethnicity, etc. etc. etc. of others.
So Obama may have felt between a rock and a hard place. Would his appearance be interpreted as supporting free speech? Or would it be interpreted as support for insulting Islam?
Okay I know it is really a stretch to assume he was balancing these two things in his mind. But going back to #4 up there, honesty requires that #4 up there be put into its proper context: