It is a unique word that is at once, overused and irreplaceable.
Many people who object to it seem to assume that it refers only to the physical act of love, but that in fact is a narrow and dismissive point of view for an (at least) 600-year-old Anglo-Saxon word that can be used creatively as a noun, verb, adjective, or conjunction, and one that is routinely expressed by both educated elite and common folk each and every day.
Yes, it is often employed as a substitute for less crude, more specific, or more erudite figures of speech. But to my mind, its versatility outweighs its ubiquity, and its innate honesty often trumps its coarseness. In fact, by its very coarseness the word serves to make a point directly, especially in circumstances where mere erudition would obscure, rather than inform.
Who the f*** knows where we'd be without it?