Is Vagina Acceptable? And is "Vajajay" Sexist?

Apparently, usage of the word vagina has become rather commonplace on broadcast television. Is that acceptable?

"One of the great things about broadcast television is nobody really knows what's appropriate anymore," a CBS producer told Philadelphia Daily News reporter Ellen Gray. "It's a floating target."

As we evolve as a society (or devolve, depending upon your point of view), should the accepted standards change?

Also consider this: references to male goodies have long been sitcom fodder, with the word penis fairly normal on television for decades. Is the deferential treatment of women's sexual organs actually sexist?

And is the now-common usage of the word vagina something of an empowerment movement for women?

(By the way: the word vagina appears 20 times in that Daily News story ...is that acceptable?)