I will never play it, and I find it's very concept disturbing and disgusting--but free speech is far more important than knee-jerk reactions to something unsavory. Banning ANYTHING based on its content is ALWAYS bad; it's a slippery slope to censorship (after all, if RapeLay is bad enough to warrant being illegal to make, what about Manhunt, or GTA, or Gears of War, or... well, just about any violent/sexual/profane game?).
This seems to be the perfect time to bust out the old "I disapprove of what you say, but I will defend to the death your right to say it."