Let me make it a bit more clear. There's nothing wrong with acknowledging the reality of race and politics, and there's nothing wrong with politicians targeting their campaigns and messaging towards various subgroups.
What the Clinton campaign is doing is saying that Obama has electability problems, and using their support from white voters as evidence of that. That's a wee bit problematic, and not just because it doesn't follow logically any more than the other electability arguments such as Obama can't win the election because he can't win the primary in big states.