Here is what Rabbi Shmuley had to say about it:
The Hate Speech of Don Imus
Rabbi Shmuley Boteach - Thursday, 12 April, 2007

Radio Personality Don Imus has now spent the past few days apologizing for his racist remarks against the Rutgers Women's basketball team. I am a great beliver in apologies and I believe when they are offered, even when we question their sincererity, they should be accepted. There are, of course, exceptions to the rule.

However, the rule should be that they are accepted. If we don't learn to accept apologies, then people won't offer them and that means that no one will be able to repent for the mistakes they make.

If we cannot repent for the mistakes we make, the world will never get better and mankind will continue to repeat them.

It doesn't make a difference to me if Don Imus is apologizing because he has to so he can save his career, or whether he is sincere about it, it is the apology rather the intent, that is important.

Indeed, Elton John was right; Sorry is just a word and we can make it easier by accepting apologies.