Executive summary, please.
Near as I can tell, some Obama supporters got over-enthusiastic and composed a birth certificate to silence right-wing rumors about O’s place of birth, and got caught. Meanwhile The One is avoiding commentary on the issue, since any commentary by the campaign would only wed it closer to the forgery. Meanwhile, nobody but us Freepers seem to notice or care.
You can check out the official Obama campaign site "Fight the Smears" and from the LA Times, where Ben LaBolt, an Obama campaign spokesman said "I can confirm that that is Sen. Obama's birth certificate."