Lead Analysis

Anti-American protests have erupted in the Middle East over a crudely made film mocking the prophet Muhammad, resulting in violent embassy protests around the Middle East, fallout in the U.S. presidential campaign and heightened security at U.S. facilities abroad.
This AP lead summarizes the who, what, where, when and why elements of this complicated story effectively and sets up the "meat" of the story nicely. The what (film, protests, fallout) and why (response to blasphemous film) are addressed in detail, while the who (protesters, victims), where (Middle East) and when (now, this is ongoing) are more general. The what and why are the most important elements of this news story, so it is fitting that they would be covered in greater detail. "Have erupted" suggests that the action of the story is going in the present, so putting a specific time in the lead is not necessary. "Around the Middle East" is a vast, general area, and because these protests are going on all over the place, it is specific enough. The only person specifically mentioned in the lead is Muhammad, the defamation of which is the reason for the protests.
It is a straightforward hard-news lead and it sets up a rather lengthy story effectively by concisely summarizing the news in a single sentence.