No, this isn't a review of Twilight. Those are the lamest vampires. A faggy vampire is something else entirely. In fact, The Faggiest Vampire is a bizarro children's book by Carlton Mellick III.
I know what you're thinking. I assume it's either "I's never read a book with the word Faggiest in the title to my children!" or "That Carlton Mellick III is obviously an evil homophobe!" To be honest, I'd probably agree with you on the first one, but, while I've never met CM3, and though he may very well be evil, I doubt he's a homophobe.
In this book, being faggy is a good thing. The faggiest vampire is the one with the best mustache, which also makes him the coolest guy in town. Someone who equates being faggy with being cool is probably not a homophobe, though equating coolness with mustaches is probably a sign of being evil or at least insane.
Despite the use of the word faggiest in the title, and the frequent use of it and faggy in the story itself, this is a good book. I would certainly rate it as one of my favorite children's books that I've read as an adult. It's a cool, fun, simple story with a message on what it really means to be cool and on the futility of revenge.
The only reason I don't give it a full five yo-yos is because of the title.