Yeah, noises were being made about it well before we got on; the new blood just had the effect of spurring things into action. We're fuel for the dragon reactor, if you will.
Using most of the words I'd ding a user for creates a general hostile atmosphere whether it's meant as a direct insult against a user or not (we're mostly talking slurs on account of race, disability and the like). You are still imparting a pejorative sense to the word - implying to people who had little choice in what they were born with or what happened to them that their life is inherently worse - even if you're not actually using it to insult the person you're addressing. Words have contexts and effects beyond just whatever particular conversation you're carrying on at the moment, especially on this public forum where lots of people end up reading your conversations.
As it stands, the staff aren't going to be taking the hardest of the hardline stances and totally banning these words no matter the context. There is evaluation for the way the post was made. But, you know, do think about how you're using words when you post, and if calling someone a faggot is something you really really have to do.