No, it's not that simple, and it's why people are blowing this change way out of proportion.
Sure, if someone "feels" offended, they can report you, but you're not going to be punished automatically because that person said they felt offended. They'll look at the logs and they'll only punish if the language used was actually offensive enough to cause "emotional distress". These are employees, so they'll have guidelines on objective criteria for what constitutes "emotionally distressing" language. And people who abuse the system by claiming false emotional distress will have to worry about being punished instead.
The people who police the forums are not the GMs that operate in the live game.