"I think his comment was akin to Sen. Lott's comment to Stron Thurmond, just a bit if politeness to the persons onstage with him."
That may be, but I'd bet my last dollar that we're going to be seeing a lot of that photo opportunity between now and 2008.
And, if Graham passes away before 2008, I wouldn't be surprised if the Clintons subtlely hint at an "endorsement" from him. After all, he wouldn't be around to defend himself.