One man's perspective... (i.e. Wombat's)
This film is well done for many reasons, however, I will not go to lengths on its obvious technical merit, and instead focus on two reasons why the story worked for me:
One) the "gay thing" isn't really in-your-face (although the consequences of being gay in our society is shown, it is not the foreground of the story), and the relationship in question is explored only as a love affair between two human beings.
Two) I could really identify with the character of Jack Twist (Jake Gyllenhaal). His relationship with Ennis Del Mar (Heath Ledger) is a paradigm for almost all the relationships I've ever had. Jack is the sensitive, kind, hopeless romantic type, willing to muse on dreams only to watch them crumble, and on top of that, he is constantly getting fucked in the ass by the person he loves.
~Wombat