I have been working with image editing of all types using Photoshop since around 1992, and have a fair understanding of the issues.
The document is clearly, undeniably and unarguably faked.
And an amateurishly faked one, too. They use the same kind of techniques that will pass muster if someone asks to see the document, examines it for a few seconds (such as at a checkpoint or such) but it is almost disturbing that someone on their team would release a document like that for public scrutiny that they knew people would be examining in detail.
I frame this issue in terms of the rule of law, and Obama is at the top of that chain, leading it (supposedly). If he can break the law with impunity, then the rule of law means nothing, and we are doomed as a republic.
That is how I frame it. Anyone who thinks this is not important is mistaken.