It's a big thing over at memegenerator. There's an article about it, “Privilege Denying Dude” and the Fight for the Right to Snark over at colorlines. Basicially, it's a rip at cyber and "enlightened" racism, sexism, and other 'isms. If you're not familiar with "enlightened racism," Jessie at racismreview has written several posts about it.
Of course, I just think it's great!
Cause I have seriously heard this last one almost word for word before.