I understand the distinction, but increasing penalties for actions because you don't like what someone was thinking when they did them is dangerous and unAmerican in my opinion. Moreover, these enhanced penalties are only applied for politically-correct victims. Ever hear of a homosexual being charged with a "hate crime" for actions against Christians? Or blacks for crimes against whites?
For one, most "hate crime" statutes (perhaps all of them, at least all the ones I've read) already cover religion and ethnicity. Second, we should be so lucky as for the Islamists to be so stupid that they wouldn't realize that, unlike in Britain, a hate speech law would be struck down by the courts before it even went into effect.
Like I said, there are many reasons to oppose "hate crime" statutes, but the ridiculous notion that they're the lynchpin of some grand Muslim conspiracy to conquer America isn't one of them.