Like it or not, there is a hierarchy, I've tales of older comedy writers trying to get their scripts green lighted at the BBC, and actually having to barter swear words to get things done, in the style of 'ok, if I take out 3 'bloody's can I put back in a bum and a bugger?' 'Regulations say you can't say bugger, but I'll give you two bums and three bastards.'
That was only about 40 years ago, and now '****' is acceptable after 9pm if it's considered a 'reasonable' use.
I don't find swearing offensive, but I DO find lazy, unthinking overuse of swearing tiresome and wasteful. There's also something rather depressing about being on a bus and hearing a 5 year old kid tell his mother to 'fuck off you old ****' then get told 'don't you fucking speak to me like that you little shit!' I wish I was making it up, but I wonder where he got that language from...
Right now I'd say '****' is still the very pinnacle of offensiveness, putting aside specialist terms like '******', yet if we continue to weaken it's power with constant use, we'll lose swearing's power almost completely, or have to find new terms.
To take a more recent example, the series 'Spartacus' made heavy and natural use of all offensively language, along with huge amounts of male and female nudity, sex acts and extreme bloody violence and death. However, to me, somehow they made it feel so natural and normal, that after about half an episode you forgot you were seeing a lesbian threesome while two naked guards talked about the **** they'd get as a reward, and just find yourself drawn into the show, it ended up being as much background noise as horrible curtains would be in a 1907's sitcom.
I realise I have been quite free with the offensive terms here, but, to be fair, if you ignore the warning that the title is, then you earned it.