My opinion on racism is that it doesn't exist for the most part in the first world, other than as a political phenomena, but is a problem globally in less developed nations. The development of advanced, racist powers is one of the problems the world is currently facing however.
Understand however that I draw a line between racism and cultural (or sub cultural) bigotry. The latter I do not see as being much of a problem, and something that I feel should be encouraged more in certain areas.
Racism is the belief that one group of people is inherantly inferior (or superior to) another, with no other "X" factors intruding into it. Racism can allow for a degree of personal variation (the existance of exceptions) but in general it's an inherant, and unchangable fact which is what makes it racism.
Cultural bigotry on the other hand is the belief in the inferiority of a set of beliefs and behaviors, or simply feeling something is wrong with them. It's oftentimes confused with racism when your dealing with a culture or subculture generally practiced only by a specific ethnicity. However I personally feel it's important to divide the behaviors and beliefs from the ethnicity. I believe you can attack even an ethnic culture without being a a racist. Indeed to some extent cultural bigotry is the exact OPPOSITE of racism because it includes the expectation that all people are capable of certain types of behavior, civilization, and enlightenment, as opposed to looking at a culture and instead of saying the culture is bad saying "well people of ethnicty X aren't capable of doing any better, they are stupid/emotional/inferior/whatever".
Speaking purely for the US, and the most popular "color conflict" I tend to side with people like Bill Cosby. My basic belief is that real racism ended, however that was the easy part. The hard part is for those who were discriminated against to take advantage of the oppertunities they were provided. Just because you are no longer being held back by society does not mean someone is going to hand you a ton of money, or a successful life. Heck, simply having the oppertunities doesn't guarantee success at all. The majority of any group of people in any system are going to be at the bottom. That's simply the way it is, at the end of the day someone has to take out the trash, and that's what the rat race is all about.
On the other hand your dealing with a subculture that feels that it's entitled to something, irregardless of whether it plays by the rules or not. Indeed those who take advantage of education and other oppertunities are frequently looked down upon as "sell outs". On top of that you've got an entire industry selling a "git rich, or die trying" mentality that pretty much says anything is excusable as long as you wind up with a ton of money. It's better to be dead, than say working a regular, dead end job like pretty much every other depressed loser in the nation.
To an extent the illusion of racism is nessicary in order to justify the "any means nessicary" attitude. Saying your discriminated against pretty much excuses producing media that presents being a thug as a good thing.
By the same token racism can be a political/economic weapon, as well as a simple method of gathering attention. Simply imply that something is racist by not having characters of a certain minority or whatever, and it provides INSTANT attention when it shouldn't. Present minorities as being "just some of the guys" as opposed to demonstrating the right "'tude" and being at least partially aggressive towards mainstream society and then "it doesn't count". When in reality such characters do nothing but contribute to a vicious cycle.
So basically, my point is similar to the one Yahtzee made in his "50 cent" review. Anyone who behaves in a certain fashion is a jerk, it doesn't matter whom they are or what excuses they make. I see no real defense of the majority of black culture, or even the cultures of say the Arabs who basically want to kill or convert everyone (as second class citizens). No reason to preserve them, or not attack them as a bad thing. As long as you do not start seriously saying the central problem is because they are Black or Arabic it's not racism. Though admittedly by left wing standards the fact that you don't consider ethnicity an excuse generates MORE "hate" because you feel you can hold them to the same standards achieved by others.
Such are my thoughts, though I don't expect this post to go over very well (or seriously be read to begin with).