This is not about a video. I'm not even sure it's about America. I think Forbes Magazine has it right: It's about decades of living dictatorships with highly filtered information charged with deflecting anger about corruption and lack of opportunity.
The people in these countries are upset. For their entire lives, their media has told them that Isreal and the U.S. are to blame for what's wrong in the world. And things haven't changed fast enough in the Arab Spring. Extremists are, as usual, finding a way to take advantage of that.