My favorite super hero has to be The Batman [1]. Not the campy goof [2] from the 50s and 60s but more of the brooding anti-hero from the 70s (and definitely the version Frank Miller [3] did in The Dark Knight Returns [4]).
But there always has been this undercurrent of homoeroticism lurking just beneath the surface. I mean, come on, a younger sidekick named Robin? Big controversy about this in the 50s but still, it just keeps coming up. [5]
[2] http://www.geocities.com/~1966/
[3] http://www.dragoncon.org/people/millerf.html
[4] http://www.grovel.org.uk/reviews/darkkn01/darkkn01.htm
[5] http://www.dieselsweeties.com/projectkooky/dylan/comics/batmanjoker.html