It's one of those songs you hear so often, you don't even hear it. At least I'd never listened to it sufficiently closely to notice the excised words. In fact, though I don't really either like or object to either, I'd probably marginally rather hear Slade.
I have no particular issue with the song, but the 'cheap lousy faggot' line appeals to drunken homophobes in much the same way that the final verse of
Autumn Days appeals to sportsball fans. I reckon the world would be a marginally more pleasant place if we didn't encourage them, and the once-popular beat combo in question would appear to agree.
The BBC appear to be engaging in their usual both-sides-ism, by censoring it on Radio 1 for the benefit of the snowflake youngsters, while playing the uncut version for the gammons on Radio 2. 6 music is also letting the side down, by refusing to declare a Christmas music free zone.