More often than not, the insult is used as a sign of dissatisfaction with the thread, instead of implying the creater is gay. When the rare occurence happens that this really is the case, the phrase could not be more suitable.
Usually after many replies of 'op is a phaggot' by unsympathetic forum users, the thread will die and the member will be left feeling scarred and broken. It is a common trend for people who rarely post to create threads which bear 'phaggot' comments, so the poster often sinks back into the bushes to lurk until he plucks up enough courage to try his luck again.
replies: op is a phaggot
Thread: I Like using my boyfriends anal beads
Replies:: Wow.. looks like op really is a phaggot