It is and it isn't. I'd say much depends on context and audience much the way the word gay had changed meaning.
For instance:
Mad Spaz Club
RE: Gay. Speak to kids and computers are gay, that game is gay, those shoes are gay etc. It has shifted to often mean something a bit crappy, however, it still has it's older slang meaning.
Spazz Wheelchair Colour Wheelchairs
It actually has the name on the frame.