The comments that follow in this thread, if any, should be separated between the (critiques of the technical design and layout) and (moral, ethical ramifications, and subjective controversy)
That being said, the layout's nice, really intuitive design, and interesting concept. Keep in mind that TFA said that this was a quick weekend project.
On the other side of the aisle, this will probably piss people off. It was probably thought up over a couple of beers and some good laughs, so of course it shouldn't be taken seriously. It does good on keeping a disclaimer on the top of their website claiming that this is strictly for humor. And with me being personally against having humor repressed for the sake of a fundamental religion, I say go for it, but God(Allah?) help them if the mainstream media gets a hold of this.
I'm not sure where the audience is or how they plan on keeping them. If you don't find it tasteless and instead find it amusing, it's still a one-joke kind of site. So it probably sees a traffic spike associated with publicity and then drops of a cliff. Not much of a business model, imo. Or was your question about the morality of offensive sites?
It's surprising that it's taken until now for a formal way to flame people to pop up. You're probably right that most of their visitors will be of the one-time variety. If it keeps going, my guess is the audience will be fairly small except for the occassional post that's particularly incisive or interesting.
Before people get too deep into talk about whether it's offensive, the title is a reference to a bit by Eddie Izzard, the excellent British comedian. It's pretty innocuous.