"Mikey Likes It" is maintained by a gay college student who wasn't even born when the enduring catch phrase was created.
It was the fall of 1972, and Quaker Oats was trying to expand out from oatmeal to the cold cereal market with a cereal called "Life."
After a few months, somebody at the advertising agency realized that it was not high praise to have the cereal eaten by a boy who eats everything, so they changed the line to: "He won't eat it -- he hates everything." Except Life Cereal, of course.
As the years passed, an urban legend developed that Mikey had died from a combination of Pop Rocks (a carbonated candy) and soda. That was untrue, of course. Actor John Gilchrist returned in the early 1990s as a hunky college student to demonstrate that, once again, "Mikey likes it."
Today Gilchrist is in charge of media sales for the MSG Networks, married with children, so probably heterosexual. No word on the other boys in the commercial, his older brothers Tommy and Mike.
See also: Breakfast of Champions.