Stephen Schwartz tackles the topic in The Weekly Standard.

Note that he offers an effective counterargument to those who call the term “Islamofascism” a slur against Islam:

I do not believe these characteristics [of Islamofascism] are intrinsic to any element of the faith of Islam. Islamofascism is a distortion of Islam, exactly as Italian and German fascism represented perversions of respectable patriotism in those countries. Nobody argues today that Nazism possessed historical legitimacy as an expression of German nationalism; only Nazis would make such claims, to defend themselves. Similarly, Wahhabis and their allies argue that their doctrines are “just Islam.” But German culture existed for centuries, and exists today, without submitting to Nazi values; Islam created a world-spanning civilization, surviving in a healthy condition in many countries today, without Wahhabism or political Shiism, both of which are less than 500 years old. 

Schwartz also claims credit as the first person to use the term in its current context.