I'd have two issues with it if the child were a boy. More than likely, he won't find interest in sports or cars or things along those lines. We wouldn't be able to share the traditional guy moments. The kid gets a girlfriend, we babble about "hot chicks" or make crude jokes or whatnot. I would not be able to relate and that would create a wall of separation...not good.
The other issue is how disgusting it is. When I see two guys kissing, I instantly gag. It is one of those sights that you don't realize is mortifying until you see it. You say to yourself "oh, its just a kiss." Then you see it and you can't help but want to regurgitate your last meal. Let it be noted I have the same reflex when I see a woman with hairy legs. It is awful (sorry ladies).