If this law were to stop me saying that Islam (along with every other religion) is a load of dangerous nonsense. I would totally oppose it. Thankfully that is not the case.
Critics are right to point out the possibility that this law could affect free speech and hopefully the Lords will sort the correct wording out. But there is a big difference between criticism, ridicule and antipathy towards a religion and inciting violent acts against people who follow that said religion. Hat tip: Harry's Place.