There is nothing 'homophobic' or 'offensive' in the above picture or the ad, as any rational person can see. The use of such pernicious legislation to attack free speech as pollutes the statute must be resisted. Not only that, the legislation itself must be rejected. It is long overdue that we begin rolling back the state and cutting off its tentacles.
As far as I'm concerned, the equality which changing the law is ostensibly aimed at, already exists through civil partnerships. If any changes are needed, it should be to the legislation regarding these latter. I see no reason why any two people should not be able to enter into a contract, so they are legally regarded as next of kin, whether they be gay or straight.
Anyway, all that - and more - is by the by. What is at issue is whether or not we have freedom to give our views on the subject, or whether we should all acquiesce in the abuse of power, as exercised by the ASA and those freedom-hating individuals who complained in the first place, who should be reminded of the story of the boy who cried wolf.