Thank you for your question. It is certainly an important one.
I have not been able to find a satisfactory explanation for this hadith. I pray that one of our esteemed scholars will offer us a new perspective on this hadith, especially since many non-Muslims like to cite this hadith as evidence that Islam discriminates against women.
I would caution against interpreting this hadith at face value for the simple reason that the Prophet, Allah bless him and give him peace, was famous for his kind and equitable treatment of women. Therefore, for him to make a blanket statement about women's supposed inferiority requires some amount of interpretive flexibility on our part. For those who would accuse us of being apologists for the hadith, I would respond that every religious tradition has texts which appear to privilege men over women. The challenge for believers in modern times is to discover new interpretive possibilities for these texts.
What I find especially fascinating about this hadith is what emerges when you read between the lines.
Was the Prophet, Allah bless him and give him peace, alluding to a certain group of women? Could this have been a wake-up call for women who were slacking in their deen?
I don't believe that we can take one hadith and jump to the conclusion that the Prophet, Allah bless him and give him peace, was saying that women are created inferior.
http://spa.qibla.com/issue_view.asp?HD=3&ID=9406&CATE=375