If I remember from reading the threads about it when it began previews, all instances of the word "fag-mo" were removed very early on in previews, back when the show was two acts.
As for the show itself, I think it has a very mediocre book but a decent (in spots) score. The only reason I saw it live was for a very good youth theatre production of it that almost was able to hide the flaws of the piece. Though, I will say, I did enjoy the show, but I wouldn't have wanted to pay Broadway prices to see it...
"Art, in itself, is an attempt to bring order out of chaos."-Stephen Sondheim