I think you're giving them far too much credit. SBS' attempt at moral equivalency is deplorable.
Were it not for "the current worldwide controversy over cartoons of religious figures", this episode would have been aired as scheduled. IOW, they have no more respect for Christianity than before (note reaction to the archbishop). The freedom they enjoyed derived directly from Christians not engaging in deadly demonstrations, $1M bounties on artists, open threats to further murders and world domination, etc.
The Left's leader, BJ Clinton, has declared that the Danish cartoon artists should be convicted. What logical extrapolations should his followers derive from that?
To find cover for their cowardice toward muslim response, SBS has chosen to extend their self-censorship to their anti-Christian lampooning. Such skewed, self-interested behaviors will not help the good guys win the coming culture war.
HF
Yeppir, it's about cowardice, not respect for religion.