On the one hand, Jackson has apologized, and Obama has accepted the apology ... so what right have I to comment on this? Prudence would say "it's over, let's move on". And I would agree.
On the other hand, I can't help but think that if a white man (Don Imus? Trent Lott?) had said the same thing, they'd be absolutely crushed by the popular media. I wonder why Jackson doesn't get the same treatment.
One of these days, we're going to learn that there's no excuse for that sort of language, in any context, in any setting.
Full Disclosure: I'm a conservative, and I haven't had any respect for Jesse Jackson since he meddled around in campus politics at the University of Michigan back in my student days in 1987. So I'll admit a rather substantial potential for bias here ...