Well, out of context it's far more open to interpretation isn't it? On that level to say it's massively homophobic is at once mis-understanding it's original purpose (which may or may not still be perceived as homophobic in the movie) but it would be like taking the song Hurricane, removing it's historical context and focusing on the racist term.
Monty in the film comes across as far more grounded in reality and rationality than either of Withnail or I - even though he's part of one the more ridiculous scenes.
