And a lot of it isn't even subtext. Take
Hana Kimi for example. It's the whole girl-pretending-to-be-male-at-an-all-boys-school setup, and one of the guys in her dorm gets a crush on her, and not knowing that she's really a girl goes through a whole gay discovery thing. And then the male lead, when he gets drunk he kisses anyone and anything in sight, so he's kissed all the guys at the school at some point or another. At one point he gets sick and the guys give him some sake, so he gets drunk. Then his rival from another school comes to tell him to hurry up and get better, and he gets
sneak-kissed. He develops a crush on the lead <3 Even makes him
lunch and everything. And then there's another guy who has a major crush in the dorm leader, and sabotages his relationships. Yeah, I would really recommend watching this, it's hilarious. (Oh, and yes, there ARE multiple on-screen male-male kisses, such as the one I linked above.)
Now, the one I'm watching right now, Yamada Taro Monogatari, there is the wonderful subtexty friendship between the main character and his friend. Unfortunately that is being pushed around by the friend's trying to set him up with this one girl (I say it's becuase he knows he can beat her for the main character's affections if he ever gets posessive). Anywho, there's this other guy in their class, and at first he kinda hates the lead's guts, but the lead thanks him for something, I forgot what, and hugs him, and now there is quite the slash there.
Oh, and at Anime Expo, one of the very first booths you see when you walk into the exhibit hall was the Yaoi booth, complete with yaoi paddles, giant rainbow flags, and big posters. It was glorious.
Oh Japan, with your blatant slash and your pretty pretty bishies, I love you so much <3