Yes. That is a Barack Obama action figure. Brought to you from the Chinese firm of Hot Toys, located in Capitalist foothold Hong Kong.
It's not so weird that a president gets turned into an action figure. I think I have a Teddy Roosevelt (now, there was a president deserving of being an action figure) as a Rough Rider packed away somewhere. George H.W. Bush get turned into a Blue Box Toys action figure, complete with "Mission: Accomplished" flight suit and gear. I've seen George Washington, Abraham Lincoln. If I weren't so lazy, I'm pretty sure a Google search (or do you Yahoo?) would turn up Ronald Reagan.
(As a gubernatorial aside, I have at least one Jesse Ventura action figure packed away... maybe two. Jesse has hinted he might make a presidential stab in 2012... I missed out on the Predator Dutch action figure, so I don't have an Arnold Schwarzenneger figure. I could kick myself.)
What makes this offering so weird is that it arrives stark naked! That's a little less than dignified, don't you think? I asked my wife if she wanted me to get an Obama figure. I promised her I could get a 1/6th scale suit and tie, but I don't think she believes I'll maintain decorum and keep it clean and appropriate. She's probably right.
Still, I could have him ordering around my GI Joes. "Snake Eyes, bring me the head of the Osama Bin Laden action figure!" (Yes, I do have one of these...)
For goodness sake, man. Put some clothes on...