Annalee Newitz thinks it is:
http://io9.com/5422666/when-will-white-people-stop-making-movies-like-avatar
"Critics have called alien epic Avatar a version of Dances With Wolves because it's about a white guy going native and becoming a great leader. But Avatar is just the latest scifi rehash of an old white guilt fantasy. Spoilers...
Whether Avatar is racist is a matter for debate. Regardless of where you come down on that question, it's undeniable that the film - like alien apartheid flick District 9, released earlier this year - is emphatically a fantasy about race. Specifically, it's a fantasy about race told from the point of view of white people. Avatar and scifi films like it give us the opportunity to answer the question: What do white people fantasize about when they fantasize about racial identity?"
Read more at the link above.......