Yes, soy does raise estrogen levels, google "soy and estrogen" and you will find some studies about it. It can even affect fertility in men and women supposedly. Shampoos with things like lilac and tea tree oil do the same thing. I saw one study where they took the hormone levels of a man. He bathed with lilac soap every day for two months. They tested him again and his estrogen levels were signifigantly higher! I don't think drinking it once or twice a week will make you gay, just don't start taking bubble baths though, that wouldn't be cool!
The myth that soy will cause men to produce estrogen is when VAST quantities are ingested. Far beyond what any rational person would want to do on a prolonged basis.
A bodybuilder that has soy will not feel any differences, be any less anabolic then another person who does not consume soy at all.
Fact: A long-term metabolic balance study in young men to assess the nutritional quality of an isolated soy protein and beef proteins (VR Young, A Wayler, C Garza, FH Steinke, E Murray, WM Rand, and NS Scrimshaw) was published in 1984 by the American Journal of Clinical Nutrition. Am. J. Clinical Nutrition, Jan 1984; 39: 8 - 15.
After 84 days of two groups, one totally isolated soy protein and the other on beef proteins, found a conclusion that:
"Body cell mass measurements did not reveal any deterioration in protein nutritional status. These observations confirm the prediction, derived from previous short-term nitrogen balance studies, that the nutritional quality of isolated soy protein is high and that this plant protein can serve as the sole source of essential amino acids and nitrogen for protein maintenance in adults."
Type of Protein : Biological Value Rating
Whey: 106-159
Egg: 100
Cow’s Milk: 91
Fish: 83
Casein: 80
Beef: 80
Chicken: 79
Soy: 74
Wheat Gluten: 54
Kidney Beans: 49
Soy is not the most biological available source for optimal anabolic muscle growth. If you were to finish a workout, you would want to ingest some high quality whey protein vs. soy proteins. However, simply having soy doesn't mean it’s bad for bodybuilding unless you are getting a majority of your protein from soy products. Then it’s not optimal. You’d also need to ingest quite a bit on a daily basis for any negative effects of soy to manifest (specifically aimed at males in this sentence).
Here's an older article from EliteFitness placed on another site:
Whey vs. Soy -- You've Been Tricked
Here's an article from Will Brink:
Soy Protein and Bodybuilding