if you believe the carriers, there is hardly enough room for even 1 gay channel and LoGo had to replace one of Viacom's music channels to get on.
But the issue of content and perception of a gay channel is interesting. Will gays support a lifestyle channel? Will they tire of parades and political news? The best shows appeal to everyone and go beyond sexual preference and deal with common emotions and interests all people share. Do you need a network based on sexual preference to do that? Is there enough non sexual, exclusively gay content or gay perspective programming to last very long?