It's not all that scary, actually -- it's a bit of a rehash, but instead of indicting the entire Tea Party movement for racism, it warns of racist, fringe actors and elements looking to make a comeback by riding the Tea Party express.*
Another take, from Andrew Breitbart :
This malicious "report" is crafted and timed as a cynical means to scare the black community to the voting booth, and is dutifully played up by the same media that ignores the aforementioned black conservative candidates because it goes against the "narrative".
Well, sure: What's the point of even highlighting the fringe racist elements of a movement if not to discredit the whole? Why should the NAACP worry so much about a conservative movement? Answer that and you wind up back at the debate over whether economic redistribution and aggressive civil rights laws are still necessary or whether scrapping those things will speed along equality, and there's no chance of the movements agreeing on that.