Pretty much all of what i'm going to say has already been said. I just want to add it, because i'm a Muslim, and i want to put a Muslim's perspective on this.
I agree that people are free to draw Muhammad (pbuh) if they want. No rules are broken by that. Also, in my personal opinion on what freedom is, they should be free to do that, because it is an expression of personal views or personal feelings toward him or Muslims in general.
However, I hope that every one can see, that the fact that they are free to do that, doesn't necessarily mean that they are right in what they are doing. It's a reaction to the overreaction by Muslims. Muslims go over the top on these things, and they shouldn't, for reasons already stated.
So it is basically that people got insulted by Muslim's attempt to supposedly oppress their freedoms, and they gave a reaction to that, a wrong one in my opinion. You don't have to prove to Muslims that they can't oppress you. If you stop yourself form doing something bad, that doesn't mean you couldn't, even if someone just told you don't do it. You know you can do it if you want, so it doesn't matter if the other will take as a sign of you obliging their demands.
I don't think that making a point justifies this.