I have mixed feelings on drag, but think some people use it as an excuse to be nasty. I don't have a problem with men dressing as women to perform per se. I've been to plenty of shows at all boys schools, with boys taking female parts, I find some Lily Savage stuff very funny, and don't mind the Two Ronnie's sketches when they're dressed up as women. Probably because they're poking fun at a 'character', and they did the same dressed as men. I think the pantomime would lose something without a dame, but then, part of the joke is that they're a man, and pantomime has a lot of traditions. But I really didn't like drag race, despite a lot of my friends loving it, it wasn't funny or clever (apart from some of the make up, I admit, I couldn't do anything like that).
That's how I feel about drag too, Polkadots. There have been lots of entertainers who dressed as women - I mentioned Danny La Rue earlier - and I loved Les Dawson and Roy Barraclough, and the Two Ronnies, Lily Savage, Dick Emery and Kenny Everett - and the Monty Python Team but there never seemed to be any spite in them. Same with pantomime dames - in set same way that a Principal Boy is always a girl, the Dame (and Ugly Sisters) are always men and there is no malice in it. They dress up for a role - and took the mickey out of everyone and everything in the same way. There was a lot of irreverence but no undertones of malice.
It's hard to explain, but there is definitely a quantifiable difference between them and the new generation of drag. It's like when bullies do or say something hurtful and when the victim complains say "It's just a joke - you've got no sense of humour". And it isn't a joke, and you know it's not a joke - there is a blade in it - but explaining how and why it offends just make it sound . . . harmless.