There can be no free speech under this view. Free speech becomes unfree; every word has consequences that far outweigh the verbiage. Furthermore, all speech is created equal. A speech encouraging the slaughter of Jews in Israel becomes the same as a film mocking Mohammed.
President Obama doesn't truly believe in the First Amendment. He believes in a restricted vision of free speech, a politically correct vision. That's not free speech at all. It's tyranny. Which is why he sounded so much like Ahmadinejad at the U.N.