Growing up with Clinton and the Bushs being elected, I never saw the kind of interest among young people that Obama garnered - at least not at my schools. I have a number of under-18 family members in high school who not only followed Obama's progress through the election season but have continued to read about and comment about his speeches and proposals after the election.
Perhaps you feel that they have just been caught up in a cult of personality - but regardless, in my mind the point of showing this type of thing in school is to capitalize on a teachable moment. The pre-existing interest that kids have in Obama represents a perfect opportunity for educators to get them interested and involved in government and politics. It's the perfect thing to spark discussion, which can later grow into a discussion about some of the challenges that the Obama administration is facing, and what students think about the proposed solutions. Of course, one could have done this for any inauguration - but as I said, it's much more valuable if the kids are already interested and engaged.