Well, after watching it a couple times (I don't have a TV, so this was my first time seeing the ad) I have to say that while I didn't get a "gay" vibe from it, I did get a "weird" vibe from it almost immediately. The second or third times around it didn't bother me, but the first time I saw it I felt like something was going on in the commercial that I was only vaguely aware of, but couldn't quite put into words.
And, if I were a paranoid social Conservative, I can see how that initial "weird" vibe could get turned into a "This must be gay" fear when coupled with bright rainbow colors and men dressed up like the Construction Worker from the Village People who happen to be singing a happy cheerful songful like "Lollipop" by the Chordettes.
I don't think this ad is necessarily gay, but I think it does create a Rorschach Test situation for people.