Rick Pearcey offers a very clever analysis of the Ann Coulter contretemps in light of contemporary thinking and concludes that there's really nothing wrong with what she said. Pearcey is being satirical, of course, but there is a truth implicit in his essay that should be teased out.
The only people who have any basis for criticizing Coulter for her specific remark are Christian conservatives. There are several reasons for this, but let me focus on just one: If one believes, as liberals do, that there is nothing wrong with being gay then there's no reason to be upset that Coulter calls someone a "faggot"? Sure she meant to be insulting, which is kind of insulting all by itself, but the insult is akin to a secularist calling a conservative Christian a "fundie." The term is meant to be insulting since it connotes a certain lack of sophistication, but a lot of conservative Christians would be only mildly irritated by the epithet and a lot of them would simply laugh at the idea.
People who believe that homosexuality is a deviant lifestyle, however, see a much deeper insult in Coulter's words and are upset that one who speaks for conservatives and for Christians would engage in that sort of discourse. But, and this is the point, it is only those who see homosexuality as deviant who have reason to find her language offensive.
Meanwhile, compared to the vicious rhetorical felonies the left commits everyday (Remember Alec Baldwin saying that people should stone Henry Hyde to death, along with his entire family?) against the people they hate, which is about everybody to the right of George McGovern, Coulter's words, as bad as they were, are a misdemeanor.
As Pearcey observes, there are lots of others who have no reason to take umbrage in her words. Read his piece titled "Faggot" Easy to Defend.
RLC