No. I don't think Obama was referring to Sarah Palin as a pig. I also think the media is blowing this waaaay out of proportion, and focusing on things that have little to do with anything.
But . . .
There are a number of ways the point could have been made. A vast number. Obama chose to use the "lipstick" line. While I'm willing to cut him some slack, I just don't think it was very smart to use that particular saying. Didn't he think people would take it as a reference to Sarah? In some way?
Or . . .
Could it be Obama knew full well what he was doing and used it to draw attention to himself? To give himself a stage?
You can put a suit on a panderer, but he's still a panderer.