From article:
"It called on states to ensure that religious places, sites, shrines and symbols are protected, to reinforce laws "to deny impunity" for those exhibiting intolerance of ethnic and religious minorities, and "to take all possible measures to promote tolerance and respect for all religions and beliefs."
I'd say that this is the main point. The way I see it you cannot defamate places, sites, shrines and symbols. Furthermore you cannot exhibit intolerance towards faith and promote tolerance in the countries.
I don't see what is so bad. In practice this means that you can no longer burn crosses, place graffiti on mosque's or urinate against a synagoge. All of which are already illegal. Overly intolerant (e.g. discrminating) views are already frowned upon by most. Seriously, try it on the forum here. Make a thread proclaiming that muslims are raghead wearing goatfuckers and see how long the ban lasts you.
This bill does not limit a comedian to stop joking about the stupidity that is faith or make specific jokes about Mohammed (for instance about his 9 year old bride) or soemthing.