Interspecies respect

Most vegetarians and animal rights activists would say it is important to respect animals. I have to ask:
Is it even possible to respect other species?
If humans believe they are superior in any way, isn't this respect condescending? If humans have the ability to eat a pig, and they choose not to, in order to spare the pig's life, is that even respect? Or merely self-indulging arrogance?
How do you respect a species, any species, if you have a very limited capacity to even understand them?