While I hate Palin and consider aerial hunting to be a cruel, lazy and cowardly means of hunting (they basically exhaust the terrified animal until it makes an easy target,) I'm somewhat ambivalent on this particular situation.
Wolves are no longer endangered, and they are in competition with the Alaskans over animals they, too, eat. So it's a somewhat sympathetic situation, in my eyes.
So, while the method of hunting is quite cruel and I don't endorse the killing of any animal except out of necessity (necessity being an arguable thing,) on the grand scale of things, it hardly holds a candle to the things humans do to other animals on a regular basis. It simply gets more attention because it's wolves, an animal that has a large fan following - and most people are more eager to protest mistreatment of animals our culture has chosen to identify with (deciding that they, therefore, are superior.)
As a quick post-script, I'm not accusing you of caring about wolves and not other animals, as of course I don't know your stance on other issues based on your original post alone. I'm simply noting how many people view the situation through those eyes.