I really can't believe there is this much discussion about this topic. This is a freedom of speech issue. Period.
The rodeo clown was disrespectful? Maybe. Respect and disrespect can be very subjective topics - as is illustrated on this board time and time again.
Humor is also relative, and we know that what one will find funny, another will not.
We can all spend 50 pages here repeating our individual opinions, but it all comes down to freedom of speech.
The Dixie Chicks exercised their freedom of speech - albeit on a foreign stage - and those who disagreed exercised their own by "boycotting" their music in a myriad of ways.
This clown (or the company for which he works) exercised his freedom of speech by making fun of the President, as many comedians do. Some will find his work funny; others will not. But in a country that stands on personal freedom (at least right now) he should be free to do so. Banning him from work in a state or shutting down his act is NOT freedom. That is censorship. And, IMHO, an act that is degrading to not only patriotism, but also disrespectful to the office of the President of the United States. Why? He is, after all, the leader of our free nation. When acts take place limiting our freedoms, that's where the true disrespect takes place.
As far as "disrespecting" the office of President goes, I think we should be much more concerned with what those who hold the office do which compromise its integrity, rather than jokes that Americans do for a laugh. (Certain jobs that happened in the Oval Office come to mind.)
Satire. It's not everybody's taste, but I definitely think much more was made of this than should have been. Of course, that my opinion only, and yours may greatly vary.
(Disclaimer: I had a customer come into the store, so I was delayed in finishing this response. Please forgive me if I've missed other responses!)