I agree that it might be a sensible idea to review our policy on punishing people for using filtered words in a normal, non-vulgar context, but that doesn't mean that any word which could be used in a different context should be un-filtered.
And for heavens sake don't come out with the arguement "What happens if we use gay to mean happy?!11". I invite you to find one normal person in modern society who uses gay in that context in preference to the word happy or any other relevant term.
