Free speech must be guarded. It lets us share unpopular ideas and opinions without reprisal from people who would rather the status quo didn't change. There are some people who use it for the brainless, the vapid, the disgusting, but that's the price we pay for our freedom. Of course, the Internet shouldn't be communication's wild frontier, a place where established laws against patently illegal things like libel and child pornography go unchallenged. It's just that any regulation that affects what a person can or cannot say must be viewed warily.
Free speech is just too valuable to chance any mistakes.