Not in the state of Hawaii.
In Hawaii a child is legitimate even if the marriage is bigamous. See
http://law.jrank.org/pages/11834/Annulment-Prohibited-Marriage-Prohibited-Marriage.html
Therefore, Obama is not a bastard, because he is not illegitimate.
Whether Obama was born out of wedlock is yet another question. My bet is that because Obamas parents were married and divorced and the legality of the marriage has never been challenged in court, that he would not qualify as born out of wedlock, but this case could turn on some fine points of Hawaiian and Federal law.
Also to consider here is the origin of the designation natural-born which originated in English law and the purpose of which was a test for undivided loyalty to the King. Obama, possibly a citizen of Kenya, the USA, and Indonesia may have trouble along these lines, especially because he promoted the election of Rail Odinga in Kenya, and probably traveled to Pakistan on an Indonesian passport at a time Indonesia did not permit dual nationality.
Well, I'm not in Hawaii, so he'll always be a bastard to me. (just kidding)
Otherwise, thanks for your very informative post.