Hi donnalee, my take on the Gay Tarot Hanged Man is that it more accurately reflects the Hanged Man experience from a man's perspective. I always had a little bit of an issue with the traditional portrayal since he seems so immobile hanging from a tree. I think in today's world most men experience a Hanged Man period while being more physically active, yet the inner contemplative work is still occurring.
I also like the idea that the diver is experiencing time in a much more slow motion kind of way compared to the crowd watching his dive. I noticed this slowing down of time when I used to ride horses over jumps. As the rider, you are aware of every stage of the movement from approach to take off to landing and then the eventual re-balancing and "collecting" of the horse. Every second can be a lifetime in this moment. A diver seems to communicate this same philosophy. So, to summarize, I think the Hanged Man in this deck communicates the feeling or perception that time and events are slowing down and taking forever to pass, meanwhile everything is being noticed and cataloged and experienced. When you come out of this period, life resumes with a resounding splash!