I'm sure if people started throwing homophobic comments around it (quite rightly) wouldn't be tolerated.
Actually, not too long ago, this was a regular feature of a couple of specific posters(and probably will be again), and AFAIK was completely ignored by the powers that be who reside on here. Certainly the threads were not removed, or locked.
Due to this, the rest of us have done our best to turn anti-gay rhetoric into vaguely meaningful conversation to some degree or another.
It's got to be tough to keep things relatively fair and civil, without hearing people screaming about a moderator censoring them...however, I do feel that homosexual slurs and attacks should be added to the list of things considered inappropriate on the moderation guidelines...currently, it only forbids "Any post or comment advocating anti-semitic or racist views."
Allow me to point you to this lovely thread...
Link