I have friends that use the word "faggot" around me, I know none of them are homophobic, it's just a word you grow up with because it is, in fact, more acceptable to use that word as opposed to "nigger", "zipperhead", "wetback", or whatever.
I don't get huffy about it, I don't say "hold on guys, that's enough of that!", because the word used jokingly, haphazardly or as a default is not entirely unexpected, but when the word is used *pointedly* and with specific harmful intent, that's when you're in trouble with me.
Luckily I've not really had this problem since high school, and I hang out with friends (straigh, bi-, and gay) who while leaning towards the politically incorrect, never lean towards complete idiocy.
The word will maybe eventually fade as time passes, or be entirely and benignly co-opted, but until then, I won't cry about it (especially with the list of Jew/holocaust jokes I've made).