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http://news.bbc.co.uk/1/hi/entertainment/5049566.stm
So, according to the BBC, it means 'lame' or 'rubbish', and doesn't convey homophobia.
I think it does, personally.
Having said that, 'gay' was subverted from 'carefree/happy' to 'homosexual'... well, it's appropriate it should evolve to mean something else...
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whatever the BBC says, it is a derogatory term derived from homosexual, although i agree that was subverted originally also.
Interestingly, my friends used to say if something was good they "bummed it", or "it was bum". I asked why one day and my friend said 'you wouldn't bum someone unless you liked them'. So hows about that.