F'n piece oh sh*t this timelimit login.. I had written a fair amount of stuff about your entry, but when I tried to post it, I got caught by forum timelimit saying I need to re-login. And I lost my writings. FFFFFFFFFF.
Anyways, here's the short version:
» Are you going to implement some kind of hotkey-mechanism to your site since all the menulinks have stylized first letter? And the same goes for the "Username/Password"-captions? That kinda confuses a little.
» The main logotype looks a bit too small compared to other elements in your banner. I'd scale it up a tad and then move it down/center just so that it'd capture viewer's eye better
» One thing I hate in navigational designs is "too small buttons". Yeah, it can be pain in the ass to try to hit the right one in a hurry. With proper rollover effects, say, in flash for example, you could really make that menu shine. Vertical layout for those buttons is still something I have doubts with.
» Moving the "GO"-button to the right side of the search bar would be more logical than leaving it to the left side. People, especially in western countries are used to left>right -movement, and moving your cursor to RIGHT after filling in your searchword would feel more logical and natural than moving to LEFT.
» Since you've already made the "Forgot password?" and "Register" -buttons graphical, why not make them to look more like the other buttons? Now they look like they were just randomly dropped there
It's a good start though!