When I went to PAX this year (Prime-2010, my first PAX) I saw some asshole dressed up as pedobear right outside they where they check your badges after you get up the escalators. There was what looked like a fully grown women dressed to look like a little girl posing by him and a bunch of people standing around taking pictures. I was walking past the badge checkers (showing them my three-day pass, of course), one of them, an older woman maybe in her 70s or so was looking at pedobear. I swear to God this is true, I overheard her talking to another WA States convention center employee saying
"...I don't know either, they seem to think it's funny..."
I actually think that it's not funny and really stupid. I get that it's a reference to the 404 error pages of The Website That Will Not Be Named, but there's really nothing amusing about the reference itself besides the pure shock value, which gets old fast. I think what that guy did at the Comic-con is totally wrong because those kids are going to be really creeped out by those photos of them with pedobear when they are old enough to understand it.
EDIT: Further thoughts:
I do find it kind of ironic that California has more pedo bears than grizzly bears, despite the latter being on our state's goddamn flag. In case you don't know, hunters killed off all the grizzlies more than a century ago, and what was once the symbol of our state's greatness is now extinct here. Whoops.
EDIT X2: I found pictures of the PAX pedobear I saw: