OLD MAN MOMENT:
In my experience, it's something you really do grow out of after a certain point.
Hate to be that guy, but...yeah, I'll admit. Gay being synonymous with 'bad' or 'cowardly' or 'lame' has some very nasty undertones no matter how far you distance yourself from what the word really means. I don't think it's the worst thing ever, but none of my friends or family have ever used it that way, and...again, dem undertones.
But still, it's far from hate-speech. Almost no one who uses it is aware of what they might be implying; it's far from hateful, it's vaguely insensitive at best. I've never seen a gay peep really get bothered by it, but it's often a bit obnoxious to them. Most gay people are bullied for it at some point, and using the word in that way can bring up some bad memories. So...yeah. I guess that's a dreaded example of political correctness, but I just don't wanna sour people's mood for no reason. I have a lot of gay friends, ya know?
This isn't high on the list of most gay people's problems, really. XD They're not over sensitive. It's usually met with "Heheh, you're kind of a dick." And then they let it go. And many don't care at all. So why should I, a straight guy? It's just a word. You can't let these things rule you.