I dunno, Raiden in MGS 2 was pretty sexualized, the skin tight outfit, the feminine features, the naked section. Mind you, no one KNEW Raiden was going to be in it, so I guess that doesn't count. You've got Dante as well.
But it's never really in the same way as when women are sexualized, I think because it's such a male dominated market, publishers would be seriously scared about doing so. Plus as far as I'm aware there's no really high profile female developers, so it's got lots of regular white dudes in charge a lot of the time, and none of them are even gay to my knowledge.
I know it's not a game, but the best example I can think of in recent times of a good "Female" Gaze theme throughout the film, is Casino Royale. It was on a couple of nights ago so I rewatched it, it being on Sky, I discovered they've censored that bit where Bond comes out of the ocean, whereby they cut out about half of the shot. Now that shot was really important, not only was it a shoutout to the old movies, but it was a supposed to subvert what was expected, give the girls some eye candy, and quite possibly make a lot of the men in the audience feel uncomfortable.
Saying that, I still don't know if I'd be comfortable playing a game where the main character is a bloke sexualized to the same degree as Bayonetta. I don't have a problem with it, and I must admit, I felt myself getting a bit of a man crush on Bond the other night, but that's different to the straight up blatant sexualization usually done to women in games. I mean I just don't like the male form. It's blocky, hairy, crass, and all round not nice to look at. Now I know I'm confident in my sexuality to be able to play it, it's just a case of well...I don't want to look at that for a good few hours.
I'd like to see one made though, just as a social experiment to see what happens.