Look, unless you believe in absolutely unfettered freedom of expression (including the right to incite violence etc), then you accept that there must be limits, yes?
So then we, as a culture, have to decide where these limits are. It's a rough-and-ready process and is, IMO, most robust when the public gets involved in large numbers.
In this instance, it seems to be to be fairly obvious that the majority of people who have listened to this incident think that it was beyond the undefined-yet-important limit.
The sky will not fall in. The Daily Mail will not become the supreme cultural arbiter. Things will mostly carry on as they did before, but with an extra awareness on the part of broadcasters than not everyone finds this sort of balls-out 'humour' acceptable, and that they are operating on the limits of public acceptance. This episode is the cultural equivalent of an economic 'correction'.
This is entirely as it should be. This is how a mature liberal democracy decides these sorts of issues.