I can tell the author put a lot of work into the site design, and it is put together nicely.
Personally though, I won't be going with it. It looks WAY too much like the Ultimate BUlletin Board setup (and all the UBB rip-offs)-- which is something I never liked and moved away from a long time ago.
I can see why people would like it though, and maybe the fact that it's very similar to Ultimate Bulletin Board will work as an advantage for some users. Seeing as it's UBB-like, and UBB still seems to be the most commonly used board on the www, maybe it'll make things less unfamiliar for new users.
I always kinda liked the "different" feel of W3T though, and I don't want to lose that. If the majority votes for this new layout, that's no big deal to me, go for it. I've hacked W3T many many times already, adding some cosmetic changes won't be much of a problem.