Like many others said, depends on the context, and cheifly who its coming from. From some other guy my age (20) unless obviously sarcastic, it's an insult. It's not that it's how I percieve it, it's the only way I've ever heard it used. From older guys(Dad & Older), especially in my family, I hardly notice. Never bothers me from females unless obviously they are trying to use it as in insult as well.

At the ripe old age of 40 I have to say that I'm not offended by much of what someone may "call me". I guess it depends on the context but being refered to as a boy or one of the boys doesn't bother me in the least. Say something that questions my integrity and then we may have words :D Other than that I'll answer to just about anything.

Bothers me alot.

StanT pretty much ended this discussion for me.

Same for here, tho I outgrew the need to beat every cracker who called me "boy". I now refer to the speaker as 'bitch' or 'cunt' (regardless of sex) and that nips that shit in the bud.