How do you all feel about this subject?
In our tournaments, I only address language concerns if there is a complaint. If it is directed toward another player or toward staff, I do not have tolerance for it. If it is not, however, I just warn the player to refrain in the future. If it is a repeat offender, then I'll start looking at penalties.
The other local card room in the area just started a strict zero-tolerance for f-bomb rule. If an f-bomb is said, in any context, the player gets an automatic orbit (minimum).
I feel that dealers either love or hate to be the 'bad guy' depending on who they are dealing to. Are they a good tipper on the cash games? Are they not? Some dealers will be the boy/girl scout and hear a player whispering a joke to their neighbor with an f-bomb in it, and they will call "Floor!!". Other dealers will take the approach that they didn't hear anything, unless another player says something. That inconsistency will lead to upset players, in my opinion. Also, I don't feel that only the f-bomb is offensive. There are plenty of other words that are actually more offensive.
Most of the time, though, the player is just releasing a moment of frustration and it is not necessarily offending anyone. Also, if someone says "This f'n sucks!" are they really being less offensive? The intent was the same by what they said, and we all know what they meant...they just adjusted the word to get through the loophole of the rule.
Edit: I should add that we do not have many issues with this at our place.