It's different if you know the person is cool with it though. There are a lot of people who aren't.
A lot of my friends are cool with it and some of them say it, but personally I still avoid using it simply because of the implications.
Such concerns are generally found in secretly insecure individuals and small-minded jocks found in high school.
It's such a weird cultural anxiety we created, like being homosexual is somehow lesser, so we must avoid seeming homosexual at all costs. If you put it into perspective it just makes no sense.
One of my personal pet peeves.