Yes, some may say his views are islamophobic, abhorrent and stupid. The PC brigade prefer the simpler term "racist". But he's not inciting violence. Lord Ahmed is by threatening to "mobilise 10,000 Muslims" to stop Wilders getting in the Lords.
At the end of the day, it's about free speech. Silencing someone to gain a few cheap votes doesn't work. Why should the state tell us what we can and can't say, what is offensive and what isn't? What defines offensive? Does it go as far as 1984-style renaming black coffees?
The only limit to free speech should be self-censorship, and even that should be used in moderation.