Here is what I think about use of the word 'gay,' not to mean homosexual or happy, but to mean some variation of 'bad' as in the phrase 'that was so gay.'
So a lot of people think "sort of using the phrase 'gay' is bad, but so is saying fuck, right? It's kind of synonymous, right? I mean it's not good, but don't be such a prude." But here's the thing, my objection to use of the word gay to mean 'bad' has nothing to do with being a prude.
And I know several people who are gay, so maybe that's what I don't like people using the phrase, right? But here's the thing, that has nothing to do with it. I mean, it might make abuse of the word even more painful, but I would be staunchly against the use of "gay" if I knew no one who was homosexual.
Because, here's the thing. Plain and simple. When you mean to say "that was so wrong," or "that was so boring," or "that was so stupid," or whatever you mean to say, but instead of saying those things, you say "that was so gay," you are plain and simply equating "gay" to "wrong" or "stupid," or essentially "bad." And there is something very wrong with a conscious (at least at one time--and if it has become unconscious, that is really no better) replacing of "bad" with "gay." There is something inherently wrong about again, and again, and again telling someone they are wrong, they are bad, because of their sexual orientation through omnipresent slang. People are due much more respect than that (no matter your opinion on what there might be of a debate on the morality of homosexuality).
That is why I might give into a lot of trends or peer pressure or what not--but I will never use "that is so gay," in place of "that is so bad." Because that would breach a fundamental level of respect and morality. Because that would just be wrong.
*Props go to Mahum, whose blog post helped inspire my own.