Does the "political spectrum" have any validity?

Typically, when I admit my capitalist views people think of and call me a "far right-wing'er." This bothered me for quite some time because I am an openly bisexual man and the right is so closely associated with theocracy and anti-gay views. However, I began to embrace "the right" after reading Craig Biddle's article, "Political 'Left' and 'Right' Properly Defined." Do you agree with his classification? Where do you think that classical liberal ideas (including Objectivist political ideas) fall on the political spectrum? Does it make sense to try to find a place on it -- or should it be rejected entirely?