Whether or not you feel the gay flag should be redesigned is, of course, another important topic of discussion. But even if you think the flag is just fine the way it is, take a gander at what Worldstudio came up with HERE. At the very least, it's fascinating (or at least it is to us designer nerds) to watch the process of identity and branding evolve. This is no doubt a challenging but exciting project for any design firm!
One of my favorites: the "pink" American flag. Yeah baby! Click here to see the results and vote for your favorites.