JWinSF,
I would have to agree with you that "Queer as Folk" is not a completely accurate portrayal of gay life in Philly circa 2001, but you wouldn't get much of an argument from the show's producers either.
Each episode begins with a disclaimer that states that the show focuses on the lives of a group of gay friends and is not meant to be representative of the gay population.
However, I would also have to agree with JoelBear in that it's basically just a soap opera. One of the first things that came to mind when the show began was that these people really had nothing in common. But, as I was often reminded via the MST3K theme song..."Repeat to yourself it's just a show, I should really just relax!"