Again, one day you guys aren't going to like the people in power who get to decide what expression is illegal. Then you'll wish you'd said something now.
It's the most objectionable and reprehensible speech that needs the most protection. Otherwise, our freedom of speech doesn't mean anything.
If someone believes that gays are evil, women belong in the kitchen, black people are intellectually inferior to whites and Jews control the media, then that person is obviously wrong - but they still should have the right to stand on a street corner and share their views, make a website stating their views, write books, etc.
Additionally, banning this kind of speech isn't going to make it go away. On the contrary, by banning homophobes from speaking out, all you're doing is fostering in them this martyr complex where they think they are being specifically persecuted for spreading the truth/God's word/whatever. And this is just going to make them hold onto their beliefs *even more.* The only way to eradicate this kind of thinking is to let them preach freely and to let intelligent people rebut them until they just wind up humiliating themselves.