I have criticized a number of sites in the past for poor readability, and I agree with you that this page has a lot of wasted space.
On the other hand, I didn't find the contrast of the text to be all that bad, and the font size appears to me to be at least as large as the font used in Hacker News.
"Additionally, the "1" and "2" links at the bottom are really hard to hit." I think the upvote and downvote icons in Hacker News are even harder to hit.