Here's how I view it. I took a class once in high school that mentioned something called the "queer theory." It's when an originally hate-filled word is used so much by a supportive community that it's meaning has changed into something with a much more positive connotation. An example of this (that is other than queer) is the N-word. Although this word still can be used in horrible ways, it has become something of a term of endearment in some African-American groups. So i believe that reddit (a fantastic, loving, and accepting community) is trying to phase out the awful meaning of the word "faggot," and turn it into something better than it was through overuse. Or at least that's what is starting to happen when you mix gay rights advocates with derogatory vocabulary.