At one point the unofficial motto of EDSBS, this meme originated from an article linked by Spencer Hall. The article quoted Neil Eubanks, who commented that the cloud formation looked quite a bit like "Coach Paul “Bear” Bryant wearing his traditional hounds tooth hat."
Hall noted that "the best dissenting opinion from the comment threads: 'I see Abe Lincoln on a personal watercraft.'" From there, the meme stuck.
Now, whenever a member of the commentariat posts a picture, and someone follows up with, "I see [object/person/thing/etc.]", the common rejoinder is, "I see Abe Lincoln on a Personal Watercraft."