Listening is good; respecting something that is nonsense is disingenuous.
As an absurd example (at least to me and to avoid my real views of the world for now), some people might actually believe that finding a four-leafed clover will bring them good luck. I can’t respect that belief, but can certainly tolerate it. No harm to me or them.
For the "deeper" issues, just Google Tolerance vs. Respect and the debate and issues are well covered.
And just for fun, really, about open-mindedness: http://www.youtube.com/watch?v=RFO6ZhUW38w Tim Minchin - If You Open Your Mind Too Much... (the first 30 seconds … the rest of the “song” isn’t particularly germane for this thread)
I believe you can respect a person without respecting their specific beliefs/opinions. It doesn't pay for me to over-think these things.
And an add-on thought: “You are entitled to your opinion. But you are not entitled to your own facts.” ― Daniel Patrick Moynihan