When I first read the story about McGreevey resigning, I assumed it was because of new allegations in the rash of scandals currently afflicting his administration, not because he was a homosexual. Assuming his sexual orientation is the only reason for his resignation, I do not think it is right. Sure, social conservatives would undoubtedly prevent him from winning a second term, but none of his actions - not even his affair with another man - directly contravene the Governor's Code of Conduct.
CNN reports that his resignation is effective November 15. It will be interesting to see whether Republican state senators attempt to make this a political issue.