I'm gay, and personally I do find it a little offensive. What annoys me the most though, is when my friends use it around me with no regard and sometimes they even are bastards enough to say "oh, I meant the other meaning". However, to counteract this I just call my friends hetrosexuals and pussy lickers as an insult and they usually apologise.
Notable though, when I first joined this forum, I thought it was homophobic (
like the bastards at RMRK) and when I found out there were actually other gay members here I was suprised.
I think a word filter would be a bad idea, because then we couldn't talk about it in a serious context.
OR how about only gay members can say it?