Dire Straits: Canada okay with faggots after all

If you were planning to move to Canada on the basis of the ban on Money For Nothing, bad news. The Canadian Broadcast Standards Council have thought again, and will now allow Knopfler's tale of white-good-shifting to pump from the Canadian radio once again:

The new decision was based on what CBSC calls "considerable additional information" – such as learning that alternative versions of "Money For Nothing" have existed since 1985, proving "the band and the composer considered that there was a less offensive way of presenting the song to the public long ago" and the context in which the word is used demonstrates that "the composer's language appears not to have had an iota of malevolent or insulting intention."

Maybe I'm missing something, but if there's a version without faggot in, doesn't that sort-of suggest even Dire Straits feel uncomfortable with a song using the word, rather than making it alright?