No, it is a respectful term. It does feel weird when someone my age who is a peer does that though. Otherwise if they don't know me, or are younger than me, no big deal. An older person can use the term, too, but that gets used less often.
I will tell you of a weird incident that happened to me. I was eating out with my friends at a local diner, we brought a pack of cards, and a kid I used to counsel noticed me eating there. He started to talk to me, and his friends were around. Apparently, they all go to an afterschool program in that strip mall. The kid I counseled had a little time so started to play cards with us. One of the other kids asked me if I was his dad. :Q... (I am 25 BTW). LOL. My friends constantly laugh about that when they talk to me.