I think people might take a second look at that phrase, which I really wish they would.
Personally, I'd never use it in all seriousness. It's too close to another kind of derogatory 'Bunny' word we've just gotten over in this country.
The other kind of derogatory 'Bunny' word may no longer be commonly used, but the attitude behind it is alive and well. It was bunny, then it was "blonde", now it's just another b-word, what will it be next? They've always got one, you can rest assured of that, and they all mean the same thing. When I'm disparaged by a sexist, I don't really give a damn what word they use.