My thoughts on this subject are surprisingly a little differant from most.
For starters, I think people yell "Pedo" too easily, and over the most ridiculous things. The problem with Pedos is largely that they cause things that are largely innocent, like this, to be taken waaaay out of context.
One thing to understand is that Cheerleading can be a BIG deal and highly competitive. The best cheerleaders start at a very early age, have special coaches, and everything else.
What's more little girls want to be like the big girls, and can usually tell when they are being patronized. A girl doing cheerleading is going to want to do it like the Pros that she is presumably trying to emulate.
When it comes to parents pushing, all nightmare stories aside, one has to understand that children change their minds at the drop of a hat. If a kid expresses an interest in doing something like this, in many cases the best thing a parent can do is force them to stick with it, as opposed to getting them to bounce around from thing to thing, and eventually wind up not becoming good at anything. There are cases with parents living vicariously through their children for things like this, but such things are the exception rather than the rule. This is also out of context for this discussion (but some people already mentioned it).
Generally speaking this is pretty much "par for the course" cheerleading, and teaching her to do it "right" is very important and that is going to include some suggestive mannerisms and cheers, because that is what cheerleaders do. She's practicing early on in an ultra-pee wee league for what she is presumably preparing to do later on in high school and college. All wish fulfillment fantasy arguements aside, understand that starting this early on things like this can make a kid very competitive and get them scholorships and everything else.
If you change the way things are done to make it "less contreversial" in the eyes of certain people, you destroy the entire point of training from that early an age.
I'll also go so far as to say that things have been like this for a long time, and before people were dropping the word "Pedo" at everything due to paranoia. When it comes to the cheer here, the dance video someone put up, and other things I will point out that little kids acting the part of adults in mannerisms and such, is considered by most people to be cute, or funny. Someone getting seriously aroused/turned on by that is not a result of the behavior, but something seriously wrong with the viewer.
One of the reasons why I am bothering to respond in this much detail is largely because I went to a Luau at Sea World while I was just on Florida on vacation. At the end of the performance they had a little girl come out with the other dancers and do the whole Hula thing (hips, grass skirt, etc...). It was cute, since as they said she was practicing to do it professionally. I suppose someone could turn it into something sick, but I didn't get that vibe from it, and for some reason this whole case seems like some parent being stupid and over reactionary.
You follow this line of paranoia through to it's conclusion and soon all kinds will be required by law to run around in boxes with eyeholes for fear that somewhere, someone, could be sexualizing them for breathing.