While I am relatively new to contra, and just called my first dance this weekend, The Baby Rose... I'll have never considered gypsy a term related to a race of people, nor did I know it was applied today to a group of people called Romas.

However, my general position on terms that have both discriminatory and non-discriminatory meanings is that the meaning needs to be derived by context. 

Before reading the discussions here, I had only considered the meaning of gypsy as related to wandering dancers... Not a particular ethnic group.  Perhaps my view has been naive.

While I am sensitive to cultural issues, until someone comes up with a term that captures not only the physics of the move, but also the flirtatious nature of it, I will probably grimace any time someone uses a different term.  Orbit, no handed swing, whatever... Until something emphasizes the flirtatious eye contact it will fall short in my mind.  It is more than a figure, it is a figure with an attitude.  :)

I am not necessarily arguing for the use of gypsy, but I hope someone comes up with a better term than what I have heard so far.