For me, the word as a bad connotation. It's used by somebody that hates Japanese culture to denigrate somebody else that does. The w-word is similar to the n-word however. Between fans of Japanese media, it can be used to poke fun of oneself and becomes an insult otherwise. Some people, like me, doesn't like to be called the w-word at all. Can I love Japanese media without being called the w-word. I believe that, yes, I can.