The question is imo to what extent these words, be it faggots or mariquitas have taken on a new meaning (weakish, pansy) and whether the derogotary connection with homosexuals still exists. I'd actually argue it does, and the usage as a slur even without any ties to their original meaning as I am fairly certain was the case with Capello, at the very least subconsciously shapes opinions and prejudices.
However, I also believe that this effect is first of all not all that significant, and secondly that the outrage, interpreting the comments as a homophobic statement when it is pretty clear that the derogation of homosexuals was not at all intended, is not only exaggerated but also does not seem to understand the issue at hand, making it rather counterproductive.