I would say the word "queer" is more akin to "negro" and fagg*t is more akin to the worse N word. Maybe some day soon fag will be referred to as the F word? That would be nice.
Homosexual is kinda just... you know... why say it? Gay is so much shorter and easier and more common, and means the same thing except when used in the 18th century context

. I dunno, just my two cents.
Oh yes and you can add me to the pile!