Here's a rundown of my thoughts and issues:
Cons:
-As everyone has already mentioned, far too bright. Did nobody tell the designer that this is to be used on screens, not paper? Bright white with high contrast elements is effectively like looking at a lightbulb. Unpleasant and causes eye strain.
-The main/home page is jumbled and ugly. The old version was cluttered, but at least it had a hierarchy. This one does not. Primarily the top right - It features largely useless and banal information (latest badge/friend, etc.). That cuts off a chunk of screen real estate from the primary feature of The Escapist - The shows. Make that area take up the whole column width.
-There is also far too much going on in the home page. It would be better if the video features took up the whole column at the top as I suggested, and then the rolling news feed and video advert/thread (currently the Mass Effect 3 thing) were beneath the other features, or elsewhere entirely. The news feed could potentially be made smaller and placed right at the top, just beneath the header and banner. This would allow the video features and the articles/comics to create a much neater visual layout, as opposed to the current disjointed one.
-Again, hierarchy concerns. Latest/Hot posts should be above the "Write for the Escapist" buttons. It's more important.
-In threads, the grey bar between posts should be a little more accentuated, either via contrast, texture or a line of colour. As it stands, posts melt into each other a little.
-Alignment issues. Others have already brought this up (predominantly to do with the videos/video banners).
-Typographic anomalies. Is there any reason the creator and date of any given feature is stranded at the bottom, instead of neatly placed beneath the title? Why is the menu typeface such a thin/light type? The rollover variant is much more pleasing to the eye. Roman/Bold would be a better choice than ultra-light and Roman.
-Site performance. I'm hesitant to bring this up, as it's a moot issue since this is likely to happen with any major overhaul of a website.
Pros:
-Mostly better readability, but less legibility. Very fine sans serif typefaces do not make for particularly great body text, but that would likely be remedied by turning the background white down a bit.
-Cleaner threads. Less cumbersome and bulky looking.
-Superior menu features. The addition of the dropdown menus is a benefit.