The rainbow flag has, over time, become a widespread and almost universally known sign for the gay community. It testifies to a visibility gained in many countries in recent decades, and even if it remains relative and fragile, it constitutes an appropriation of public space by homosexuals. More tolerance and openness certainly characterize the current context of Western societies especially in urban areas, but it would be wrong to confuse public visibility of homosexuals, still relative, and social progress, still chaotic, when it comes to their rights. Neither coming out, nor pride marches with rainbow flags, nor subversive performances can deconstruct the heterosexual norms that govern the public space and challenge the hierarchies that exist there. Furthermore, in recent years the figure of the rainbow has been rejected by radical gay groups that consider it a symbol of a collective, commodified, and a priori white identity, consenting minimum consideration to diversity. The rainbow flag stands today at a crossroad were its semiotic function as index, symbol, and icon, according to Pierces terminology, is being challenge from all sides.