Well, it's not really about his past at all, but that was the way it was portrayed on the radio commercial I heard for it.
The movie focuses on the idea that Obama is merely a pawn being used to usher in a "New World Order", or a centralized world government that is controlled by the elite banks of the world.
There is definitely an aura of paranoia about the film, but the facts definitely speak for themselves. I would not classify the film in the same light as films like Loose Change or Farrenheit 911, it's not as hokey or full of spin as those films. I think a lot of what Jones says is very true, but I'm not sure I see things changing quite as radically as he suggests anytime soon.
All in all, it's definitely worth watching.