They haven't added any fundamental innovations that Facebook hasn't already implemented.
This is an example of the worst kind of design, where the designer has gone through a self-absorbed process of moving around and resizing elements that Facebook created through years of experience with real users.
Can absolutely confirm that. For me it looks like something that is designed by Microsoft (mainly because of the fonts).
There are too wide spaces between text and metadata, too lwo contrasts between light shades of grey and a disrupted context for some elements (see My Profile and Search).
To add to your point, these guys have no idea what the average computer user is running. Hint: it's not a pro-grade 30" widescreen LCD.
Where I work we run a website targeted to everyone - mom, pop, grandpa, college dude, etc. Suffice to say, our minimum resolution and colour depth requirements are really low. Experience has proven this to be far wiser than Web 2.0-ing everything and assuming people have screen real estate.
The design here won't work on low resolution displays. The news feed would - but that's only because their design wastes a truckload of space down the middle. Their photo viewer, and calendar will break on any low-resolution screen.
Can it be fixed? Sure, but I have a feeling the more you "fix" their design, the closer you're going to get to where Facebook already is today ;)
Not only that, it's completely done away with the branding that Facebook has built over time. That goes beyond just the logo. There is hardly any blue in this design, which is their signature design element. The design they have itself is a brand. Even as they've changed designs over time, it's maintained a similar design language. Completely eschewing that for the sake of "newness" is borderline retarded.
This is an example of the worst kind of design, where the designer has gone through a self-absorbed process of moving around and resizing elements that Facebook created through years of experience with real users.