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 ;)
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).
#fail