You all voiced your supporting opinions, I would like to voice my opinion that I disagree with the new policy. The term "gay" is not owned by those of a homosexual persuasion. Many words will have multiple meanings attached to them, meanings that are completely unrelated to one another. Many other words have their roots in racist and bigotted practices, but have lost that meaning through the passage of time. The term "gay" simply has come to mean stupid or lame to the majority of people. To have one fraction of the population 'own' the term is frankly, too politically correct.
We've also had this discussion before in OT. A mod decided that it was a bigotted term, and that it would not be allowed. Threads were creating complaining about this, the majority of the people disagreed with the mod, and the mod eventually rescinded his command. People were again allowed to use the term 'gay' to mean lame or stupid. So I simply cite precedence here: the case was already argued and decided earlier in OT's history.
Now I agree with wanting to tone down the somewhat immature attitude of OT recently, but I disagree with the approach. Maybe leave the sticky, but remove the ban on "gay." On the other hand, a word like f*gs, I agree is a pretty strong word, and shouldn't be used. But my argument would be that 'f*g' does not have other meanings attached to it (besides meaning a bundle of sticks, but nobody uses that), the way that gay does. Let's be realistic here.