hm well personally i think its offensive or at least not nice or considerate to draw a religious figure in a negative sort of way. Im sure alot of muslims would feel that way just as a lot of christians would feel offended if God was drawn in a bad way...both are problematic...
HOWEVER the people drawing them haven't commited any fraud or threatened people and its their own private property so i don't believe you should punish those people, since we still have freedom of press etc., it should be perfectly legal to draw. and you know if they started banning such things, where does it stop? then you really have no freedom
and of course if people are allowed to draw muhammed in a negative light, then people should be able to draw any other depiction any way they want without of course calling for violence... because if you agree with one and not the other, its a bit hypocritical...