I suppose there has to be a branch of Art which is designed purely to cause 'offence'. That doesn't mean it is a bad thing, it means it promotes discussion. A screwed up ball of paper is art by definition, since it promotes discussion. Of course, my half of the discussion would be '....but it's a screwed up piece of paper' for about 8 times in a row, but at least a discussion would take place.
Same for this I guess, it doesn't offend me, but that's no guideline to go by. It promotes the question, 'What was the artist trying to say here, is it something about Jesus or Christianity? Is it a political statement towards Christianity remembering its gentle roots, or a religious one about commercialisation?'. I actually think it's far more interesting than a screwed up piece of paper.