" Historically, beginning in the late 1960’s and continuing until the early 1980’s, gay or homosexual men would signify to one another that they were gay by wearing an earring in their left ear. This practice faded away during the 1980’s as piercing became more and more popular with both gay and straight men who began piercing not just one but, in many cases, both ears so that today the distinction is essentially meaningless."

edit: And as for my opinion, I think it's very cute. The man I love has his ear pierced, twice actually (only one ear), and I think it's incredibly sexy.