I have written about this before, and about my personal experience of working with females. Today I've read this post by female BSD admin/advocate/instructor Dru Lavigne (make sure you read this comment as well, possibly even instead of the blog post as it's shorter) and I agree — after a woman proves her worth, she gets treated with respect; trying to survive on "cute" or attempting to be all macho only alienates colleagues. The environment is very macho, lots of dick measuring contests and posturing. The first reaction to a female is always like the title of the section under the photo at Erinn Clark's about page (LOL by the way) — here's a recent example from my own blog.
Where I work there is the added difficulty of not only IT being male-dominant but the "outside" organization being the cliché male-dominant society. Dev leads are commissioned officers and are expected to act like it, which leads to lots of silliness and quite a bit of angst.
My hot female teammate is scheduled for officer's training in a couple of months. I have disagreed with all my bosses about her prospects as a future team lead, but I really do wish her the best. I believe I might be overcompensating in her case, but I have observed the debilitating effect on myself and others too many times not to be wary. You see, I find smart women attractive. But sadly, the link works both ways, and I perceive women I find attractive as being smarter. I'm not the only one. I am absolutely sure E.G. had a crush on her when he praised her, and since he praised her technical abilities (which leave much to be desired), he probably overestimated her leadership abilities as well. I know her supervisor accurately estimated her skill as a developer, but he too vehemently defended her potential as a good officer, though he did blurt something like "yeah, a guy with her skills would be pretty useless, but if she can properly work her feminine wiles she would get the job done". So I manage not to notice how good looking she is, and I try to be objective, and I don't see any special leadership skills beyond not being socially inept. And she would need to earn the respect of a technically competent geek for her team to produce anything worthwhile. I think it would be very educational for me to watch her do it.