Personally, I think it's very effective - I find the teal a great color against a black background and it works well with the graphic logo you've used. Also, the text size is perfect to my eyes.
That said, I have immaculate vision that astounds most people, I'm running a 1280x1024 res. on a 15" monitor and I *still* do everything in 2pt. font, not to mention that I can see a grey cat sitting on a black road at midnight with my sunglasses on from a hundred paces away, so in all fairness, what seems quite legible and attractive to me, could look like a tiny colored blur to your average web-surfer! =P
If this were my site, this is right about where I'd be agonizing between what I think looks great to me, and what is easiest on the eyes on the general public, and trying to find a compromise. The first feedback I usually get on any of my web design work is "Why is the font so small?! I can hardly read it!!", so I get this a lot. =P
Oh, and as Ian said, the white news box definately does not work, though. Personally I'd ditch a white square on a black background altogether, but at the very least I'd recommend putting a border around the box and a couple of pixels space between the text and the box's edge - having your text right flush up against the edge of something with no margin at all is never a great look.
But yeah, otherwise, definately my kind of site. Neat, well-laid out, and simple, but pleasing to the eye with an effective color scheme. I like it! =)