I like the simple design. However, the design is a bit 'out-dated' as in it looks to simple for this day and age. Try incorporating more, while maintaining the simplicity.
Yes, difinately way too much white space. I would suggest changing that top table to use a full sizer header banner as the table's background in order to conceal that whitespace. It also seems very plain. Maybe instead of the bullets, you can replace the bullets with a small whitewall image as a .gif file to save bandwidth. Maybe if you could find one from like a Belaire wheel. That would look nice and fit in with the scheme, while at the same time, keeping it a minimalistic look and also sticking to the theme of the site. I would also suggest some type of cascade style sheet color change on the nav bar, you cant tell if you are on the link. It will also add some more color to the site while at the same time make the site's navigation a little cleaner.
Here is another version: http://www.kooldezine.com/mc/ What do you think? I've learned how to use dwt templates in FrontPage to make my life easier. Once I get a main template created, updates will be easier to implement.