Indeed.

Also, I think this offence is specific to the US. Here in the UK it is a naughty word, but context defines whether it is offensive (it is an insult aimed at both genders, and can even be seen as a term of endearment). Sometimes it is used in erotica, and as such... Well, let's just say not all the women I've met here find it offensive. Also, in France, it is used in a fairly offhand manner, but the word "bitch" is considered far more offensive there. :)