I'm a lesbian. I used to find it very offensive, but now, not so much. I use "f_ggot" sometimes. I don't like it if it's used in a homophobic way, but I guess gay is the new word for stupid. And it's not like we can just go out and stop whoever is saying it, so why not let them have their free speech? I don't know.
I wish it wasn't used but I don't make a big deal of it.