My assessment: Looks pretty until you try to actually use it.
All the crap off to the sides might make sense for a forum list or a thread list but I want it gone when I am actually trying to read a thread. And despite the generous amounts of white space elsewhere, the actual lists of forums are a cluttered mess, much harder to find anything in than the old lists.
My first attempt to log in didn't work, whether I used my e-mail address or my username (it was ambiguous which it was even asking for). The latter eventually took me to a page where I could log in using my e-mail, only to be presented with a bunch of mildly intrusive questions I have to answer to get at any boards. Since I am not the slightest bit interested in answering any of them, and according to others who've posted above they don't work anyway, I literally have more functionality logged out than logged in right now; at least when logged out, I can read posts.
Nothing about this even remotely justifies over a week of downtime. With Gleemax, we got huge hype over what amounted to minor changes to forums that already existed, and the addition of not very good blogging features. So far, this is about the same, if not worse.