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The bad news is that Billy Corgan has a penis.

The good news is that the former Smashing Pumpkins singer is just famous enough to create a new set of headlines for Tila Tequila.

The occasional lesbian showed up at Bravo’s A-List Awards this weekend, arm-in-arm with someone clearly immune to STDs and/or embarrassment Corgan. The musician has previously been linked to Courtney Love, causing us to ask:

Is Tila a step up or a step down?

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There’s more of Tequila and Corgan below. Click on each image to enlarge it…

[Photos: Splash News]