Using the word "gay" as an insult or to generally describe something in a negative way

This is common in the UK among school children and even young adults these days.

Though I would be very surprised to here proper grown up people use the word in this way (by which I mean those over about the age of 30).

There is a campaign to tackle this in schools but I am not sure to what extent this is taken as a serious problem by schools.  You can find a press release about the campaign here:
http://www.stonewall.org.uk/media/current_releases/9326.asp

Why the use of the word "gay" to mean all things negative and bad should be stopped.
It is so obvious that we do not call people names related to disability or race (anymore) - the same applies here.
If you use the word gay to mean something you do not like then you are saying you would not like gay people just as much.

All of the young people growing up in an environment where unpleasant things are described as gay (such as home work, a TV game, a teacher, a child you do not like) then the message that
GAY = UN-likeable
is being repeatedly reinforced.
No wonder that attempted suicides among gay youth are shockingly high.

This use of language is unacceptable if we do not want that for our own kids (if they turn out to be gay), and we do not want to live in a society where people are disliked, hated, bullied just for who they love.