There's no precristian man more glorious than Alexander. His relationship with the father, the mother, with his comrades and friend who followed him in every mad mission, the desire of knowledge, the respect for every single man and woman (it doesn't matter if greek, macedon, egyptian, persian or else), the fascination for the unknown, the call for be more than a man and to be something similar to gods, the complexity in earn and keep every single reign he ruled (included the Macedon kingdom), the conscious idea they were going to make something incredible (so he call historians, poets, artists in order to eternalize and promote what happened), the relationship with Aristotle (no comment for the one in the movie...)...
You could make a great movie with not all of this, but at least SOME.
At the end you've got only one aspect well focused: the relationship with Hephaistion. You cannot lie, so, yes, there was probably a homosexual relationship between them... By the end, the idea the movie give you is about a (maybe) great commander [in 38' minutes you are thrown from the childhood to Gaugamela... wow), a idealist with some not-so-clear ideas, a man become mad about the power and [in case you didn't understand in the previous fourty-five / fourty-six scenes] a man who had a homosexual partneship with his best friend.
It wasn't easy to reduce Alexander the Great to this.