I think this article has it right: Curse of the Moderates.
There is no such thing as a true moderate. The Islamic moderates do not defend the religious rights of others, and the Western moderates have their own ax to grind with Christianity.
Western moderates are "angry" (read scared it will happen in their own backyard) about the cartoons, but will portray as art the Virgin Mary covered in elephant dung.
The real issue is what is true Tolerance. Tolerance is not accepting as valid all positions, it is allowing other positions to exist. If we are truly moderate all religious mockery is considered off limits no matter to what religion we ascribe. We are not above critiqueing others, but ridicule of another's position should be off-limits.