I like the idea of having more dynamic content, but it looks a bit cluttered.
I'd put APUG content first--latest posts, APUG portfolios, featured member, and latest gallery images--and move the sponsor info down or to the side. As it is on the computer I'm using at the moment (my wife's Vaio laptop which has a widescreen display), I get to the front page and I see lots of sponsor info, and not much about APUG except for the mission statement, until I scroll down. If I were a new user, I'd probably think this was a site with a lot of advertising content, and I suspect that the front page is mainly for new users, since it's easier for regular users to link directly to the forums or galleries and skip the front page altogether.
By comparison, photo.net has no ad content on the front page--it's more like the table of contents in a magazine. Rangefinderforum.com is more like the front page of a newspaper--top threads on the top of the page, listing of active threads down the middle, advertising at the sides.
I'd also move "APUG buttons for your website" to a separate page.