I'm not a multiplayer FPS player, so I don't see much of that stuff, but I hear about it all the time. I still remember turning on the sound for the first time in a Halo firefight match (the only mode I'll play) and the first thing I heard was a racial slur. THE FIRST THING! Turned the sound off, never looked back.
What annoys me a little lately though are the Indie snobs. I like all sorts of games, but when certain Indie games are gushed over for hours on a podcast, I wish I could tell them, "your talking about a two hour experience!" Is that really enough gameplay to make it game of the year? I think not. People just got to make a stand against the big bad triple A publishers and create their little elitist club. Anyway, that's my rant of the day.