Very nice responses all. My Master calls me his pet (hence my name) in public...only in specific settings like around lifestyle couples who understand that calling me slut (his) isn't degrading.
To me; being his slut means that I always desire him...and want to do anything and everything he wishes me to do sexually or non. Its an erotic term he adresses me by as a reward...or to show his approval...
So I guess it isn't what you are called, in what context and under proper understanding....and not the noun itself?