The whole matter has been reopened in a book that has just appeared: Peter Jeffery, The Secret Gospel of Mark Unveiled: Imagined Rituals of Sex, Death, and Madness in a Biblical Forgery (Yale University Press). This book discusses many interesting aspects of the cultural construction of homosexuality, both ancient and modern. Jeffery strongly inclines to the view that the text was a hoax perpetrated by Morton Smith. But he cannot prove this. The likelihood, then, is that, like certain disputed art objects, the text will continue to have its defenders. It also seems to have enjoyed some circulation in counterculture circles.
Since the book is just about to be published, I'm not sure how well he knows it, apart from press releases and publisher's blurbs. In any case, the analogy to disputed art objects is intriguing.