I went to the Bingham Cup in Dublin. That was such an amazing experience. We got our asses handed to us, but the Steelers did great. Fun times.
While I have heard rumors of some gay teams being more about the intra-team mingling and less about the actual sport, my experience is that most gay sports teams aren't about that. The ones I've been involved with, mostly water polo and rugby, are sanctioned by the national/international governing body for the sport and compete regularly against other non-gay teams. Maybe this isn't so true for sports like softball where you can find 30 different gay teams in one city though (and softball is pretty recreational by nature).
Further, many gay teams have straight members as well. The gay teams tend to be more laid-back and generally more recreational/developmental and welcoming to everyone - unlike some other masters teams that sometimes are so focused on competition that they lose sight of their sport being "just a game" and piss off a lot of good players who just want a good workout and love playing the sport. So, straight friends often feel pretty comfortable and I've seen many get involved organizing events and serving on the executive committees for gay teams.
I'm not going to pretend that ass-grabbing doesn't happen, but I will say the friends I've made, both gay and straight, through teams I've been on tend to be the strongest friendships and the ones that last the longest. I honestly can't say the same for people I've met at bars/clubs/online.