From one of the best sitcoms ever, a take on what it means to be thought of as gay.
As a gay man, it's my opinion that this Seinfeld episode is an extraordinarily sharp, clever, and brutally honest commentary on straight attitudes toward gay people.
Of course, I'm speaking about contemporary urban/suburban life where "liberal" or "tolerant" views are not only accepted, they're enforced. They're enforced by peer pressure; few would admit to homophobia or anything other than an accepting take on gay life. In a phrase: political correctness.
This episode exposes the hypocrisy of many straight people who declare gay people as their equals. It happens every time Jerry (or any other character) says, "Not that there's anything wrong with that." What they're really saying, of course, is that there's EVERYthing wrong with that if THEY are being thought of as gay. Acceptance for these people only goes so far.
Thankfully, in the 15 or so years since this episode first aired, attitudes have become more enlightened. Me, myself, I think lot of the change is due to media exposure in general, and this episode of Seinfeld in particular.