I'm a bit of a latecomer to this discussion, but I loath the word homophobia.
Why? Because it's the wrong word for what most people use it as these days. It's become the 'catch all' word for prejudice directed against homosexuals, rather than simply being afraid of homosexuals / homosexuality (with though strange, is a legitimate fear... much like my deathly, and completely irrational, fear of bees). There are many phobias out there, and a phobia is a psychological, not criminal, issue. Literally, it's 'fear of same', not 'bigotry against same'. And that kind of word mix-up just drives me nuts.
Practically speaking, it's become the word used to define prejudice and bigotry against homosexuality. This includes everything from social prejudice (don't get involved with 'those people' to 'go away faggot!) to physical violence (from slamming people up against lockers as you walk by to shooting them in the back of the head execution style).