So it is the "Politically Correct" phrase to use but when you speak to our elders, they often still refer to themselves as Oriental. If it comes from their mouth, who are we to correct them with our own idea of PC phrase. Don't subject them to our own identity problems. They're okay with it, so should you.
I also seen a commercial on TV for a new show this season called, Fresh Off The Boat. I find it hilarious and not offensive at all. A FOB can be seen as a deragatory slang since it is usually in reference to the newly arrived Asian in America. The fact that us Asians can laugh at ourselves may sound like we've evolved. I think it's the other ethnic people who are overly cautious or sensitive to these things, for example, the movie the Interview. Regardless, these things make us all have that conversation. The good, the bad, and maybe some changed perceptions.