I disagree with the whole lot of this mess, but let's take a step back for a second and analyze this rationally.
I want to re-iterate that this isn't like it was before, where the law was mainly built around Christianity. This time, it's covering all religions. So all the metalheads around the world with their knee-jerk reactions of being offended by this really have no leg to stand on *unless* they're offended by the sole act of censorship as a whole, and not because their pagan/satanic/atheist beliefs are being trampled upon. Because plain and simple, they're not. The new law affects every single religion, no matter the religion or even lack thereof, and it protects every single religion from slander, bigotry, and blasphemy no matter which religion.
That means that Christians can't call Satanists baby-killing devil-worshippers and Satanists can't call Christians retarded sheep.
The only problem I have with all of this is that the act of censorship in any form prevents any sort of dialogue between people or groups, and as a result, prevents people from learning about each other and correcting false opinions. The entire reason we have free speech is to learn from each other. Being forced to be nice to each other isn't going to make preconceived notions go away; they'll just sit and fester. Prejudices against certain people or groups won't go away unless people can be honest with each other, both speaking and listening, and that's why I'm offended, not because it's religious.
People hear the word "blasphemy" because their favorite black metal band screams it and automatically think that it only affects Christianity, when that's not the case here. It affects everyone.
The issue of free speech being taken away is a much bigger issue than the issue around which the free speech is being taken.