Slut-sensitive

Glenn Reynolds over at Instapundit is puzzled at the outrage over Rush Limbaugh's comment about Ms. Fluke:  "The political reaction to “slut” was opportunistic, of course, but it worked with a lot of women because — apparently, even in this age of sexual liberation and “slut pride” — women are still somehow deeply affected by charges of wanton and undiscriminating sexual behavior."
I'm confused, too.  I thought the word "slut" was being "reclaimed" as a good thing:

A new event for Women's Month in 2012 is titled Slut Walk, which seeks to reclaim the definition of the word "slut." A grass-roots movement that developed in response to a Toronto constable who said if women didn't want to be raped, they should "avoid dressing like sluts," Slut Walk is a way for both women and men to fight the rhetoric of victim blaming and speak out against sexual violence, says Gilbert."The participants are reclaiming the language of the dominant culture," explains Gilbert. "This is an attempt to call attention to the empowerment of women and alliance of men."(Morning Sun, March 8)

So which is it?

Update:  Ann Althouse has a thoughtful post in the wake of Glenn Reynolds', in which she writes,

Realistically, this should be a policy debate about insurance coverage, but minds must be manipulated, so competing templates are offered. What should a woman prefer, to be thought of as a strong free agent, doing what she chooses, with the government as far from her sex life as possible or a government that sees her as vulnerable, easily wounded, and in need of protection and support?