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Verrry interesting piece by William Saletan of Slate magazine. http://www.slate.com/id/2194232/
The theory is called "sexually antagonistic selection." It holds that a gene can be reproductively harmful to one sex as long as it's helpful to the other. The gene for male homosexuality persists because it promotes—and is passed down through—high rates of procreation among gay men's mothers, sisters, and aunts.
The article's a good look at the theory and its implications; an example of the latter is that absent postnatal factors like culture, conservatives have no reason to believe that "conversion" of young men is at the top of The Homosexual Agenda.*
*I believe the item at the very top of the homosexual agenda is "reading the minutes from the last meeting".