There is an annoying trend one can spot occasionally that declares Islamophobia to be the new anti-Semitism. The implication is that anti-Semitism is mostly a thing of the past, no longer a problem, and that the attention paid to it should now shift to prejudice and bigotry against Muslims. Of course, anti-Semitism is not over and vigilance is still required against it -- the effect of the meme is less to encourage attention to Islamophobia than it is to encourage ignoring anti-Semitism.
What is true, though, is that many of the tactics and mechanics of Islamophobia have clear, obvious parallels to anti-Semitism. This is a theme discussed in detail by Hussein Ibish, and an interesting new post at Middle Class Dub hits it home by pairing up quotations from Nazi propagandist Julius Streicher with contemporary anti-Islam extremist Robert Spencer. They make effectively identical claims using effectively identical styles. It's very eye-opening.