Two points:
1) This is a case where politicial correctness IS correct and has the power (thankfully) to elicit an evolved social response. People shouldn't slur others (my opinion, your right to disagree) and Rondo should be getting the social consequences he is getting. People, gay and straight, liberal and conservative, are saying "hey, we aren't going to let gay slurs just happen without a response -- not anymore". Rondo should get every disapproving look he has coming to him.
2) Beyond general disapproval I don't see the need for suspension. If players typically get a game suspension for verbal assault on a ref, then fine. Otherwise, no need for a suspension. Political correctness itself is not the problem. The problem within political correctness is going to unnecessary extremes to prove how offended we are. As an American I am definitely bothered by Rondo's insensitivity and his public modeling of 10-year old maturity. But I am perfectly satisfied for people to simply tell him that we don't do that to people in this culture anymore.
A quick and firm social consequence has been applied -- in my opinion, nothing more is needed.
To the person who said "any of us are capable of saying anything" -- probably true, but we are responsible for the things that come out of our mouths -- even in anger. That said, this doesn't make Rondo a terrorist or Hitler. Hopefully he moves on and doesn't do it again. How he handles it with the ref, the gay community, and society in general is up to him.