A bunch of straight people running around calling each other gay/ghey is as ridiculously sad and at the same time funny as a bunch of white dudes standing around and addressing each other as "nigga please!".
In the end though, it's just basic linguistic evolution within a human being and peoples' attachment to certain terms as they first learn them from their peers. It's akin to the first time you learnt the word "fuck" as a kid. Remember how you just couldn't stop saying it? And neither could your friends, by the way, right? You used to run around in packs, and fill your conversations with as many "fuck"s as you could, as loud as you could, each trying to out"fuck" the other with your newfound "fuck"ing coolness. And people just stared at you and frowned and whispered and pointed at you and totally couldn't understand the level of the coolness of your "cool word of the month".
Then you grew up a bit and watched other younguns run around in "fuck"ing cool packs. Then you just laughed at what "faggots" those "fuck"ing losers were. Then you grew up some more and just frowned and whispered about the "idiots".
So you see, the "ghey" phase is just that - a phase. It's just this period's "cool word of those aged xx-xy". Even gay people themselves get tired of these words that classify them as a group. So do other groups and their "labels". "Negroes" was replaced by "blacks" and later by "african-american". "Queer" turned to "Fag", turned to "gay" and is now returning back to "queer".
As far as being offensive, I'm really shocked that anyone finds anything offensive on this forum. Then again, this is yet another phase that this forum goes through too, I guess. People are growing up, even here.