I can understand that Muslims are offended by a drawing of the prophet Mohammed, as it goes against one of the central tenets of their religion, let alone one that portrays him with terrorist overtones. However, given recent events that cause a direct connection between the muslim faith and terrorism in the general public's perception, I think they (the muslim leaders) need to take a step back from all this, and take a somewhat wider view.
Aside from vocally condemning the recent terrorist attacks made in the name of Islam, the muslim leadership have not done anything publicly to stop attacks happening again. It's therefore no great surprise that non-muslims are starting to take the view that 'if you're not part of the solution, you're part of the problem' and viewing the muslim faith as a whole negatively.
Whilst there may be soem 'outrage' in the muslim nations about the cartoons, I take the view that you reap what you sow, and I have the feeling that this might just be the start of an anti-muslim backlash.