Truth be told, I'm much more interested in the discussion between Kuya and Eternity, but I suppose I'll answer the question the thread is actually posing.
I am never offended by "gay", "faggot", or any word used pejoratively in regard to my sexuality. I pity those who genuinely and negatively refer to anyone as a "faggot", and I look down upon inarticulate mouthbreathers who can't put together a more compelling adjective than "gay", but I'm never offended. As previously mentioned, words are only as powerful as you make them.
The problem with this thread is that it's asking gay people who are out of the closet and generally comfortable with their sexuality.
Their perspective on the words "gay" and "faggot" are going to be a lot different than the 15-year old kid in the closet petrified that his friends will find out his secret since he "knows" they all hate fags given how much they call people faggots derisively and think everything bad is "gay".
Feelings are gay
Meh, I'm not really bothered by people calling things gay too much, though I do wish they would find a more appropriate term. Not because I care, but because younger kids in school haven't developed fully and such words can cause a lot of damage in those years.
Now faggot, you can expect me to give you a dirty glare, and if they ask why, I won't hesitate to tell them I'm offended and why. Mainly because I got called that a shitload in my youth and have tons of bad memories about that word, which automatically come up again when I hear it. It's not so much being insulted by it, as it is being traumatized by it and gaining an automatic KILL! reflex when I hear the word.