I think it's okay. I also didn't like the reduced emphasis on the forums, but now that I've found the "recent forum posts" section (oddly next to videos) I suppose it's nicer. It might have been better if it was easier to see, but honestly who needs to see the name and picture of the last poster and number of posts?
If anything, I think it looks less "crammed" than the older one (even though there are more things on it) And the new logged-out page probably does a nice job of attracting new members.
My only other complaint is that it could be more functional especially in terms of the buttons on the top which honestly I don't see myself using.
I think that the new home page trys to cram too much stuff onto one page and I also don't like the reduced emphasis on the forums. I prefer the old home page. I realize that the emphasis of the home page is to attract new members and I don't know if this new one will or not.