Time Warner, Keyword GLCF
This solid black page with the white letters GLCF was America Online's first (and only) gay-specific print ad. It was a year after an insert the company did in a gay magazine promoting the online service.
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I don't find it offensive, but it does seem to be giving the impression that AOL should get your business just because they have a Gay & Lesbian section. They don't tell you anything else about it, the mere fact that it exists is enough. I don't think this ad is very effective because while it lets you know there's a forum, you have no reason to think that it's worth going to compared to any other gay forum.
It might work on someone who's not computer savvy and can't find any other forums, I suppose.