I think the research will probably end up revealing a much more complex process than the mutation of a single gene. The more we understand about genetics, the more we are coming to see a much broader picture, involving multiple genes working together and genetic mutations caused by environmental factors in the womb.
Furthermore, to some extent all sexuality is influenced by life. Personal sexual preferences can be set by the most obscure experiences from baby and toddlerhood, for example.
Also, I tend to think that sexuality is on a spectrum, rather than an either/or basis and that it's possible to move along it at various points in life (kinsey scale). THere is a lot of corroborating research in this area and from my own experience it holds true as well.
In a way the sexual orientation debate is a one-issue representation of the nature/nurture debate. We are coming to realise that they are inextricably linked rather than separate.
And ultimately, who cares? If you're talking about switching off a genetic predisposition to the development of cancer, that's one thing, but I don't give a damn about someone's sexual orientation because unless you actually want to shag that person yourself, why would it ever matter to you?