I totally disagree.
I think Comedy Central (like just about every other network and magazine and newspaper in this country) had their testicles shrink up when they saw the Danish media receive fatwas.
I think Matt & Trey decided to make the cartoon and make Comedy Central block the image.
When they knew they would, they showed the hypocrisy of all the western media by having Jesus shit on the President and the American flag, knowing Comedy Central would air that like it was an episode of I Love Lucy.
They wanted to be sure that Comedy Central couldn't claim that their cowardice was some how related to cultural sensitivity.
They're chickenshit pansies, and the South Park team rubbed their noses in it.
My take on the episode was the same as yours. M&T did conservatives a favor by demonstrating that we are actually more appreciative of other points of view and an open society than are the liberals at Viacom who claim to be tolerant and broad minded.
Seeing my favorite symbols desecrated is difficult but I wouldn't have it any other way.