Seeing as I have some practical experience here, I'd like to clear up a few things for those (presumably) non-c*cksucking straight men and anyone else who might be confused by these terms and/or when they can and should be used.
This past weekend I was called a "faggot." Recently I'd realized that nothing like that had happened to me in a while and wondered if or when it would. When it did, it made me realize how much, and how little, has changed.
I've never been OK with the word "faggot" or its shortened form, "fag." Regardless of the intent behind its use, I've never been able to fully swallow that word and refrain from tensing up when it's used around me. I've always spoken out against its usage.