Are we going to end up using the expression "mother F-worder"?

We are if we wish to continue to make a distinction of respectful discussion. The reason CNN used "the n-word" vs. outright "n!gger" is an attempt to respect at least part of their audience. The same way "mother F-worder" might be an attempt to not lower everyday conversation to a litany of swearing.

Now, if the conversation is specifically *about* a derogatory word or phrase (see above, auto-censor notwithstanding), I can see your point. Otherwise, why encourage the use of one by making it more pedestrian?