This is just the same thing as what we now term the "N Word". Like Zeality said in the first post, 'Ho' is used so much, it's unbelievable, the same with the "N Word" (which is now symbolically banned in New York City). But once you cross the line to someone of another race using the term, this is what happens a la Michael Richards. They see this old white guy with a cowboy hat saying things like that, and decide he makes the perfect target for outrage like this.
As for what I personally think of it, I'm pro free-speech, but I didnt like what he said, not even because of anything racial, it was just disrespectful to insult a bunch of college athletes, for really no reason at all. Sharpton went a little too far with the bashing. I think the suspension was fine, but it seems they are going to be taking him off for the most part now. The real issue of double standards will probably be ignored, Imus will get ruined for this, while rappers will continue to say these two words every line of their songs.
Side note, people seem to be shifting to religion and political affiliation now, and as a moderate republican, I can say I hate neocons just as much as anyone else, some of the crap they spew is absurd, and most of them are bastards just by nature.