People seem to be focusing on Rol's suggestion of allowing trolls to be called trolls indiscriminately. And I agree with those that say that doing so would be a problem.
The focus needs to be on the purpose, as I've said in a few other ways in previous posts in this thread. It's not the use of the word "troll" that is offensive, but the use of it as ad hominem, for the purpose of insulting someone. If I were to say in response to someone "You have come into this thread with almost completely off-topic content that you know will incite angry responses from people in this thread. As far as I can see, you are a troll. If you have nothing to actually contribute to the discussion, kindly leave", it would be different from if I posted "You are a troll, I have no interest in your opinion".
Actually, I think the biggest problem, when it comes down to it, is how the moderation is done. From what I can see, moderators don't remove offending content, and they don't give any sort of public warning in connection with the offending content. As such, all that other members see is that something about that post caused the poster to receive either a warning or a ban - completely useless to either the member or the community at large.
When I was a mod over on the Wiire forums, mod edits would usually either delete the offending content (replaced with an appropriate general warning) or be made with the specific purpose of redirecting the discussion back to the topic at hand and away from whatever tangent the offending content caused it to take. We didn't warn/ban people for using words like "troll" or "fanboy", even in reference to specific members; instead, we looked at the context, and judged whether the use of the word was done for insult, rhetoric, or completely benign purposes, with only the former being moderation-worthy.
If a mod either doesn't have the time or doesn't have the ability to tell the difference, then they probably shouldn't be a mod. The whole point of moderation is to keep the discussions on the website moderate, hence the name. And people have said, repeatedly, especially in here, that the problem is that the trolling and the posting behaviours that closely resemble trolling have become expected, to the point that people make threads specifically to troll the trolls, and then to troll the people who try to troll the trolls, and so on. Meanwhile, those who simply challenge the poster's intent in writing their post typically get warnings or bans, which only encourages more of the same behaviour.
To borrow from one of my favourite shows, The West Wing, "I don't mind being held to a higher standard; I mind being held to a lower one."