1. The giant module titles are friendly for first timers, but regular users – for whom all these customizable modules were created – are not served at all by them, in fact, they detract from the experience by taking up a lot of space and demanding your focus because they're the LARGEST THINGS on the page.
Check out how Newsvine handles module titles: http://www.newsvine.com/
2. All together the page is a jumble. I understand that they're giving users the power to move things around and possibly make it look bad, but why have it jumbled by default? Also going from module to module there's little consistency: they have completely different layouts.
Check out how msnbc's modules have a consistent structure: http://www.msnbc.msn.com/
3. I can't help feeling like there isn't anything on the page: There is so much chrome. And the gray dividers between modules create a lot of noise. I have to really focus to find the few unordered lists which are the content.
4. Why can I collapse modules? What problem does that solve? If I don't want a module, I will uncheck it. If it's something I don't need often I will move it to the bottom.
I'm sure some will like it, and it's animated (neat!), but I'm not keen on providing two ways to do one thing.
5. Nitpick: I hate when the hover state of buttons is the just gradient reversed: it's lazy and it always throws me because I worry that I accidentally clicked.
(I know this isn't Design News, but a lot of people here are interface designers for at least their own apps, so hopefully someone finds my critique valuable.)