I agree with most of the above, in that it's all about how the word (or any word for that matter) is used. And while I have no particular project of re-appropriating the term for the purpose of empowerment, I do think that censoring it only invests it with more power. This however, can work in both a negative and positive light, in that it's has either a more derisive or more subversive power depending on who's weilding it and how.

Personally speaking, my jury's stil out on what I prefer to refer to female genitalia as. Pussy can be ok, but it's pretty dorky, and cunt can be ok, but it's not pleasant to my ear and I don't identify with it.

One thing I do have very particular opinions about is the habitually incorrect use of the term vagina into refer to a vulva. I think it has the castrating effect of eliding the material reality of a woman's external genitalia.

Something which used to fascinate me is the various terms people use with their children to refer to their bits. I had a school friend who's mum always talked about 'front bottoms' and 'back bottoms'. And a friend of a friend had a little kid (about 4 at the time) who was really interested in her 'yoni'. My mum, ok, embarassing now, would always refer in the first person to 'fanny vagina' ("have you washed fanny vagina today? She doesn't like soap remember..." etc).

p.s. Obviously a fanny is a not a bum in Australia, at least notwhere I come from anyhow.