Well, one would hope that the Federation would be above racist and "speciesist" insults. The Klingons, however, have a long and sultry list of insults to draw upon, with petaQ being the most common.
Don't forget everyone has their opinions. O'brien didn't like the Cardassians, yet it wasn't the Federations stance. So there's probably a few people within the Federation who have strong opinions against other species. And since the Federation is at war with the Klingons, I'm willing to bet there are many of them right now.