The fact that the White House feels the need to explain, spin, and dismiss the bow tells me that they at least know it was a bonehead thing to do, even if they can't quite admit it.
Does it mean anything sinister? Does it mean BHO is a Muslim? I don't think so. I think all it means is that he's a clueless neophyte.
Update: Har! Don Surber answers my question. And he's spot on.