Jimmy Akin has some sensible comments concerning the Muslim protests over the cartoons published in the Danish paper Jyllands-Posten. He has a link to an interesting video that Michelle Malkin put together.
I'm with Jimmy. The protests are completely out of proportion with the matter of the cartoons. That said, I agree that drawing caricatures of things people consider sacred is uncharitable. Yes, you can defend it as protected speech. However, I think a more important question is whether we can discuss Islam critically in more than what amounts to a visual sound byte. Do Muslims consider ALL critical discussion of Islam offensive, or just this particular form? Does it help matters to intentionally tweak the noses of radicals just to make a point? As much as I'm happy to see Europe finally throwing off some of their PC mentality, I wish it were in a less adolescent manner. Doing something "offensive" simply to flout one's freedom is a typically adolescent response. And just as it does with parents, it tends only to heighten conflict, not resolve anything.
UPDATE: Forgot to mention Secret Agent Man's commentary as well.
UPDATE #2: Jeff Miller, the Curt Jester, has this.