Dennis Lim says yes:
Brüno is, in more than one sense, beyond gay. Is any viewer really going to think that this hyperbolically crass and ridiculous narcissistwho wears mesh tops and eye-searing lederhosen, refers to his adopted African baby as a "dick magnet," and drops faux-Teutonic vulgarities about his waxed arschenhallerrepresents "the mainstream of the gay community," as one troubled Hollywood "gay insider" put it? And are the gays who anxiously anticipate the mocking, hostile reactions of the unenlightened really that blind to Brüno's obvious counteroffensive strategy, which is to make that mocking, hostile idiocy the subject of his film? The beautyand perhaps even the moral logicof Baron Cohen's method is that those who're not in on his joke are invariably the butts of the joke.
David Rakoff says no:
Brüno's homosexuality comes bundled up with a lot of unattractive software. He is an open hydrant of empty, venal ignorance, a fame-chasing, grandiose fucktard, all because he is a cockaholic (his term). The repeated pistoning of sucking dick has scrambled his brains, just as surely as a muddler pulverizes mint leaves. Make no mistake: It is gay sex that has made Brüno stupid. Perez Hilton has the sobriety, moral rectitude and class of Lewis Lapham by comparison.
I haven't seen it yet but will report back.