I have just finished reading, mostly rereading, the first five books of the Bible and wanted to give some general thoughts.
First, I want to point out that it is very hard for me to believe that one could think that every section of these five books were written by the same entity, let alone an omniscient entity. The evolution of the nature of God presented in the five books alone, strongly suggests multiple authors. Religious Tolerance provides a nice discussion of this, including citations to and explanations of conflicting points of view.
Second, I don't think anyone living in twenty-first century America can seriously assert that the laws set out for the ancient Hebrews are to be followed today. Forget about bans on men having sex with other men, there are very strict laws about most aspects of daily living that we reject. Including selling daughters into slavery, punishments for disobedient children, treatment of aliens, etc. Frankly, even if the Bible is inerrant, these laws are not described as applying to all people for all time, but to the Israelites and their obedience will be rewarded by receiving (returning to) the Promised Land.
Third, I do think these scriptures are valuable. Not to answer scientific questions. (See a fine, but not particularly inspired rebuttal of that here.) And not to set out a code of laws to be adhered to today. But to give us insight into how God can work for justice even in an unjust world. Note that much of the most heinous passages deal with making an evil practice less evil. Also, these give Christians insight into core values that were a part of Jesus' life and informed his teaching. Consider, for example, the frequent allowances for the poor and the notion that faith should be infused into all aspects of life.
The Old Testament readings that lie ahead are some stories about Joshua kicking ass and taking names in Canaan. Then some folks stories about tribal heroes such as Samson, Gideon and Deborah. It will be interesting to observe similarities and difference between these characters and the stories we tell about George Washington, Abraham Lincoln, Babe Ruth and Amelia Earheart.