Whether you like what Lars Hedgaard said or not, and whether you like the reason for the acquittal or not, the very fact of the acquittal is an assist in the support of freedom of speech.
When I see the political abuse of "hate speech" laws, these laws cause me great concern. I'm not sure where to draw the line, if one must be drawn, but I certainly prefer the concept of "competition in the marketplace for ideas" to legislative and judicial control.
For more specifics on the Lars Hedgaard case, see this and this.