"What a fag."
When was the last time you heard this or some variation? If I had to guess: too recently. Language is in a transition period and it's one which I don'timagine does much good for the self-esteem of gays.
Fag, gay, queer, etc: these used to mean stick, happy, and strange. Somehow they became words to refer to gay people. I suppose queer makes sense. Gay is a stretch. Fag doesn't make much sense, but that's beside the point. They all refer to homosexuality.
Now they're becoming multipurpose synonyms for "bad." People you don't like are fags. Events you don't like are gay. Items you don't like are gay. This makes some sense if you consider that homophobia is the new racism: taken for granted and unquestioned by most people. It's just part of the language and it makes sense that a word for a type of bad person would become a word for a general bad person.
The transition would not seem to be fun for gay people. Their words are being throw around as generic negatives. What other meaning can be drawn besides: "Everyone thinks you're bad." Or even worse: "You are indistinguishable from bad people."
I'm noticing this as a trend, more and more words don't mean anything special anymore. A few days ago I saw someone use the n word in WoW to refer to a Horde ganker. It made no sense. What does ganking have to do with a word which historically referred to black people in an extremely negative manner and to this day is even used in a strange dichotomy as a word of brotherhood between but also a disparaging word for someone who acts badly.