What do people think about Romney's ad taking President Obama out of context?

Mitt Romney recently released an ad that he and his campaign admit takes President Obama out of context. As a matter of fact, they seem pretty proud of themselves.

But voters and pundits don't seem to agree. The ad doesn't seem to help him, and in many quarters seems to have hurt his credibility in that he feels the need to twist things to make a point.

Things that make you go "hmmm..."