I go for pansexual, because it acknowledges the incredible diversity in human gender expression and sexual configuration. While I do kinda use the term queer here and there, the slurriness of it is sort of in the back of my mind so I don't really use it that often. I second the quiltbag high council meeting thing, that would be awesome, we could make it a potluck event!
Mind you I still use the term bisexual occasionally as well as the term lesbian (though not so much since the bf came along, most folks use the term for "women only" instead of a woman who is attracted to women) as self descriptors depending on the context of the conversation and the person I am talking with.
Pansexual is a perfectly good word to use, it's just as made up as any other regularly used an accepted word in the English language. I like it because it is a bit closer to the reality of my situation. Self identifying this way is also a useful way of saying, "no worries, I totally get non-binary expression" so that folks who do express in such a way have a little bit easier time telling who's cool about it without having to worry as much about people being callous jerks as much. So, it is actually a useful distinction based in nuanced discussion about sexual orientation and there are plenty of us who have found it quite useful. My only problem is that joke about being sexually attracted to cookware gets a little old after a while.
There are a myriad of gender expressions, it isn't just male/female. Sure there are plenty of people who identify as men and women, but there are also plenty of people who are gender-fluid, bi-gender, a-gender, and androgynous, that don't fit neatly into the male/female dichotomy. On top of that, there are plenty of people who have non-binary genital configurations, some folks have both, some folks have something in between. Intersex people do exist, both genitally and in a manner that involves secondary sex characteristics. Even chromosomal sex isn't always binary. Sex and gender are more like a rainbow than black and white.