This expression, although it appears to have originated with a newscast during the explosion of the Hindenburg, is often taken out of context nowadays. It is generally used in an "ironic" or exaggerated tone, and it's likely that users don't know its history. Examples:
enkidu: I just wrote a script that will auto-node all the comments posted to slashdot in real time.
nate: Oh, the humanity!

"The Beatles' Revolution is being used in an ad for one of the largest corporations on the planet! Oh, the humanity!"

Real life example: The first match on Google for "oh the humanity" turns up a site reviewing bad movies.
The expression conveys that something truly disturbing has happened, although it doesn't necessarily have to do with humans or the loss of human life, and the speaker is being somewhat mocking and melodramatic.