I just had the opportunity to see Lynn Margulis, probably the most prominent advocate of the Gaia hypothesis, speak at my college. The Gaia hypothesis makes sense in a limited fashion; life obviously does regulate certain aspects of the environment. She is absolutely correct that, for instance, the constant presence of large amounts of highly reactive compounds in our atmosphere (such as O2) is only maintained by biotic processes. However, I fail to see how that is a hypothesis, or anything new; I don't think any biologist disputes that biology plays a significant role in regulating the Earth's environment. Margulis also made a number of rather inane points. She said something along the lines of, "the only reason the environment is so comfortable for life is because life regulates it." Well yeah, life helps maintain it, but the main reason Earth is so comfortable for us is because we evolved to find it comfortable. A species that is too uncomfortable in its environment won't survive.
I also disagreed with a lot of her ideas about symbiogenesis. Yes, we see lots of symbiosis on the ecological level. Species evolve to cooperate. And certainly symbiogenesis has played a role; it is well established that our mitochondria are descended from bacteria. They have their own DNA. But there is no proposed mechanism for symbiogenesis on the macroscopic level. Two organisms can certainly grow very close symbiotically, but how does the 'parasite' genetic code get added to the host's DNA? In cases like mitochondria, where we have a complex unit inside a cell with its own DNA separate from the host cell's genetic material, we can reasonably conclude symbiogenesis. But since there is no proposed explanation for how the DNA of two symbiotic organisms can be merged, and indeed there is no evidence for it ever having occurred, we cannot conclude symbiogenesis for the origin of the great majority of novel systems over the course of evolution.