I'm a Christian and I have read both the old testament and new testament a number of times. I don't have any formal education, but I'll try to voice my opinion on the whole "god hates homosexuality" argument nonetheless.
Basically, in the old testament God was interested in keeping his people (the israelites) separate, pure, and procreating. To this end he outlawed anything that would enable his people to be "tainted" by foreign religions, philosophies or beliefs such as not allowing them to marry outside the tribe, and putting to death all who opposed the israelites. He also wanted to grow his people in numbers and so he outlawed all sexual acts that did not lead to procreation. Beastiality, homosexuality, "onanism" (pulling out, basically), etc. were all outlawed, as were most forms of incest (so as to keep 'em "pure" and free of eventual genetic weaknesses).
If you think of it in those terms, it makes a lot more sense. At least to me it does.
I think that the Old Testament still is applicable, but needs to be viewed through the filter of the New Testament. Christ did not come to abolish the old law, but to fulfill it. He was able to take 10 commandments and boil 'em down to 2 that covered everything. He was able to take the letter of the law and imbue it with the true spirit of the law. An example is when he said that it was said "Do not commit adultery" but that any man who looks lustfully at a woman has commited adultery in his heart. The Old Testament is definately relevant and a good recording of where our beliefs came from, but at the same time we are not bound by that covenant because Christ brought us a new one. That definately doesn't mean that the old should be completely discarded.