Greetings!

Derogatory - No.  It is informal however.  

In Australian informal usage: Aussies - Australians, Yanks - Americans and 
Poms - British.  

Poms is the only one with negative connotations, and they're mild.  e.g. 
It is considered a little insulting to be told that you are acting "like 
a pom".

What're Canadians called? (Besides crazy I mean...)  ;)

================================
Bert Van Vliet   SkyKnght@sentex.net
[Alias SkyKnight: Knight-in-Shining Armour, Punster at large, Die-Hard
Bubblegum Crisis Fan, and writer of Really Long Fanfics!]
 "Trust me.  I know what I'm doing!"
 "I'm not suffering from insanity...I'm enjoying every minute of it!"