I'd go far as to even agree with you. Anyone can be offended at anything, my issue isn't with the word being spoken, but the idea that some people put forth that the word "faggot" is no longer offensive. It is, it's extremely offensive to a large portion of people. I'm sure making fun of religion does the same thing.
Just to be clear, my point is never "this is absolutely right, and this is absolutely wrong" - I would love to have my sense of morality be universal, but it doesn't work that way. All I want is for people to understand, you offend gay people with the word faggot, greatly so - maybe not all, but enough that if you don't want to throw around offensive slurs that target homosexuals, maybe stop using that word. If you don't care, well, do whatever you want.