Meh.
From reading the first 2 pages of this thread I do not think I have much to add. Most of the reaction seems to be rather out of proportion, insane and ignoring several key factors.
Depictions of Ra, Odin, Thor, Zeus and whatnot are more acceptable because there are very, very few people who still follow those largely dead faiths (Sure, you might be able to find someone who believes, but you would probably struggle). Hinduism however is not a dead faith whatsoever. So using hindu gods within this context is insulting on multiple levels, both the depictions (As in, the art style and the gameplay) plus the conotations "They are as important as Zeus and whatnot", you can be pretty certain that they will not have Allah in a punching match with God because Christianity and Islam are taken seriously.
To those who say that the Flying Spaghetti Monster should be in this game... Meh, I get that you are trying to be funny, but if s/he was included this would be much, much worse.
I am totally behind the arguments against this game and I am totally behind the game being made. I just think we should take a step back as a community and think before we get all uppity because some people are angry about their religious figures, the beings they consider to be supreme, being reduced to this level. It does no matter what your faith is, you can still attempt to understand.
So whilst I think that this game is insensitive and perhaps should pull the dieties from "Living" faiths out (You would still have plenty to work with from less mainstream faiths) I will fight to the last gasp both for the right of the producers to make this incredibly inflammatory game and the right for the religious community to speak up against this game.
And for the love of god, I hope they do not try and use Islam as a punching bag. That would end badly. We all know it would.
Which brings me to my final point, something which many people seem to forget when bleating about free speech.
Just because your right to say what you want is protected does not mean that you should say whatever you want, whenever you want. Just because you CAN do something does not mean you should. And if you say something (Or produce something which is protected by free speech) that people disagree with, they have as much right as you had to produce said item to disagree with said item.
Good day to you.