Wow, for all the "hiring and spending" that went on, the site is surprisingly bad. I realize a lot of effort must be going into production and the video side of things, but the site blows.
If you are going to spend so much money, make it right.
Advert next to it, fair enough.
Menu bar looks like it's trying to be 'retro' but failing miserably. Bad readability and looks like it was made in MS-Paint in a couple of minutes.
Body of site looks odd in white, too much space.
Footer looks like an afterthought, without any actual usual footer items.
Page also takes up a ton of CPU and makes it so I can't really scroll it very well.
From the announcement: "welcome to the future"
Yeah I'd take a look at http://twit.tv and http://cnettv.cnet.com/live/ who have been doing this for quite some time.
Also the small details, the way "TCTV Live" in my browser looks, for the lack of better word, - sloppy. Something from an 8bit Amiga era. Not polished.
In short - the site looks unattractive. You are loosing heaps of visitors by not delivering really good "first 10 seconds" impression.
Just to nitpick, you have no idea if this is true. They probably do know if it is, because they're looking at the analytics, but you're making an assumption based on your own tastes.
For what it's worth (read: almost nothing), I think the site looks fine. People watch shit on megavideo for crying out loud.