No, "faggot" is not like "nigger." I doubt you would hear Coulter saying or writing "nigger."
Nigger is a slur against someone's race. It cannot be changed.
Faggot is a descriptive word used about one's habits, temperament and life-style -- all of which can (and should) be changed.
We shouldn't mix rotten apples with fresh oranges. One word is truly reprehensible. The other word is simply...poetry.
I don't know nigger describes RAP and the RAP culture quite nicely.. as they go out of their way to PROVE... even the White and Mulatto(like Obama) ones.. UGH.. damn there is another word that shouldn't be used..