Really fucking nice. I know it's work in progress and you'll be adding and fixing stuff but I'll mention some stuff encase you didn't think about it.
Layout Suggestions
Make the logo a link to the home page
Add alt tags for login and search buttons in the top right
No need for Welcome Guest part. It's confusing. Thought it was a search box. Just have it for when your logged in.
When you click Submit Comment forgetting a username make it so their's a return button in the warning or make a nicer warning page. Maybe a popup warning?
Make a proper contact page without comments. Their's loads of WP plugins available.
Non of your links in the footer go anywhere.
Maybe add your own watermark to the images
Coding
Rename the WP-admin folder for security
Not sure if allowing XHTML is a good idea in comments but whatever. I'd add a basic captcha if your allowing it.
Their's a shit load of Javascript that make everything look cool but it loads for every page. eg the Featured Content Slider v2.4 script should only load for the index. Not for every page.
Not sure why but their's two login containers on the page. Should only be one.
The SEO isn't great so I'll help you with that at a later date. PM me.
Bugs
In Google Chrome when I click on an image it opens but the close button isn't visible so I have to use the browser back button or else move to the next image when it shows.
Above are suggestions only so ignore as you please.
Not sure if your interested but I've being reading lots of articles and research on mobile browsers. Turns out randy kids with their own phones are making mobile porn the fastest growing thing on the net. Their are WP plugins that will make your site mobile friendly. It's worth a look :P