Queer as Folk is my favorite tv show/movie of the gay-themed variety, but I love several others, and am always on the look-out for more. I recommend Noah's Arc and you can also watch only the gay-themed story lines of some soap operas on youtube which I find entertaining, but not necessarily great tv. (Luke and Noah, John Paul and Craig, Christian and Oliver. . .) I just watch these until the title characters get together and finish coming out to everyone in their lives, because otherwise you are all of a sudden just watching a soap opera with gay characters, rather than seeing gay-centric storylines.
Movie-wise, my favorites are Brokeback Mountain, Shelter, Juste une Question d'Amour and Les Chansons d'Amour. A couple more light-hearted/comedic ones are The Curiousity of Chance and The Mostly Unfabulous Social Life of Ethan Green. Honorable mentions: Latter Days, Beautiful Thing.
Anyway, what are your favorites? Movies or tv shows. I would love suggestions! I prefer not silly (i.e. Adam and Steve/Eating Out/Another Gay Movie) and generally happy endings if possible (I make an exception for Brokeback Mountain because it is sooo good).