YES. Excellent pick.
For lighter side, I personally recommend The Latter Days and Sugar. Sugar's acting is better than The Latter Days, but The Latter Days's story is very strong. I like the lead actor in The Latter Days. What ruins it from being five stars are editing and directing. They should shoot it in 24 frames, so it doesn't look so home video-ish. Some actors/actress were miscasts. But I think people should watch the story, because it's overall, pretty lovely.
For more "adult" drama (whatever that means), I concur everything Corvus said plus the following:
The Line of Beauty - Based on Booker Prize winning novel of 2004 by Alan Hollinghurst, and adapted for BBC mini-series by Andrew Davies, and with a superb cast, I can't stress enough why this movie about 80's UK about class and gay climate at the time should be a gay drama's all-time classic. Very depressing. Fortunately it's broken into three episodes, so do it slowly. I've yet to read the book, but many Amazon reviewers complained it's borderline on pornographic, so there is some encouragement for erotica authors here. Yes, an erotica can win a very prestigious literary award, as long as the story is serious enough.
A Room with a View - If you are a E.M. Foster and Merchant/Ivory fan, keep an eye on it. Yes, it's not a gay movie per se, but Rupert Grave's character is gay by suggestion. This is a feel good movie (compared with most films on my list...).
The Consequence - An old German film from 1977, the DVD transfer was problematic, and subtitle is hard to read. It's worth the strain on your eyes, because of the story. I think you can stream it through Netflix, if you have that service.
The Rope - Yes, a controversial Hitchcock experiment. It's not a gay film per se, and it puts gay people in bad light, but it's a pedagogic film about responsibility. Both leads were played by gay actors. Based on real life case of Leopold and Loeb, two gay intellectuals who took Nietzsche's superman theory wrongly and decided to kill an innocent man for the heck of it. They happened to be gay, so what do you suppose the general public would think?
Boys in Band - Somebody said this, and I agree. Highly recommended. If one is in his/her self-hatred, drama queen stage, one can learn a lot from it.
Hedwig and the Angry Inch - If you like really crazy gay drag queen, you'd love this. It's depressing and uplifting at the same time.
Velvet Goldmine - Jonathan Rhys-Meyers was a drama queen before he became the Tudor king. If you like David Bowie and such visual rock stuff, this is the film.
Breakfast on Pluto - I've always thought Cillian Murphy has an androgynous appeal, but he didn't look quite right as a drag queen. Despite the appearance, he exhibited his acting range in this. This and The Line of Beauty are the most suicidal inducing films you could ever watch.
Billy Elliot - He is not a poof, but the film touched on gay issue very sensibly.
There are probably some more I've watched over the year that deserve attention. Just add them to Corvus's list and you're ready to.... My Beautiful Launderette has a very good happy ending that's not too disgustingly corny to me, so that deserves a special mention. Oh, and Talented Mr. Ripley.... Matt Damon, bad light, but good film.