Personally, I have no problem with profanity. I swear when I'm with friends and occasionally during meetings with my immediate team at work. It does help people relate to you and makes for a more casual atmosphere.

However, in the context of a large meeting, formal presentation, or conference, I always avoid using profanity.

I don't think its so much about who is offended and who isn't but more so about maintaining a sense of professionalism. I truly believe in a formal setting there are much better ways to get your point across than to resort to profanity, methods that will help maintain an image of credibility, intellect, and thoughtfulness.