It's a silly and needless ornamentation that wasn't cool or interesting when the first person did it, and became even more worthless and boring with each successive use. Bahhumbug!
I'll hug it and kiss it and apologize if I see it used in a way even remotely relevant to the context of the content, or integrated into the visual language of the design (e.g. on a blog about origami), but until then, I'm a hater. I'd rather see drop shadows under blinking text; at least that would be quasi-original.
Also, the blue logo area pops so ridiculously hard it makes it impossible to keep my attention focused on the rest of the page. I'd tone it down to a smooth #80a7d3, like you see in the image I linked above.
EDIT: Don't get me wrong, I'm thrilled w3 finally redesigned the site; on first impression it appears to be a marked improvement.