Tone and context are of the utmost importance. Here is the video clip of Obama speaking at the Democratic fundraiser where the president says he heard one of the protesters say, "Obama keep your promise." The president continued, "I thought that’s fair. I don’t know which promise he was talking about." The president smiled and the audience laughed.
In all fairness, it is unclear if he was making fun of the gay rights demonstration, the various other demonstrators with different causes, or, perhaps, his many campaign promises. On the highly unlikely chance the Secret Service did not tell him about the gay demonstration, and Obama could not distinguish between the Armenian flag and the rainbow flag or a Prop 8 sign: The president is still making light of progressive protesters to gazillionaire studio executives such as Spielberg and Katzenberg and others paying up to $30,000 to hear him speak. It's an ill-advised attempt at being off-the-cuff.
Judge for yourself. AFTER THE JUMP, watch the clip.