Denmark will still control Greenland's foreign affairs and security, but Greenlanders will now be recognized internationally as a separate people from the Danes and will have control of the island's resources. That could be very lucrative in the future since there are believed to be large oil deposits in Greenland's territory.
Ok, but what does this have to do with Obama you ask? Take a look at this photo from the BBC story of a pro-autonomy campaign poster (the bottom right corner in particular):

There among the Kalaallisut (the official language of the Inuit people in Greenland) text written in English is the familiar Obama campaign slogan "yes we can".
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