I’m not wishing to offend so please understand that this is just an opinion to be taken or ignored.
I’m old enough to remember the 1970’s so when I say it looks a bit '70’s, it’s because it brings back memories of that time. In the 1980’s I was airbrushing vehicles and one of the influences back then was a guy called Roger Dean:
http://www.rogerdean.com/
Check out the text on that page. That’s pretty much what he was doing 25-30 years ago!
My first thought when I saw your banner was “hippy”. Don’t worry about it, it’s just my opinion. As a fine artist who leans toward the “traditional” I do things that don’t appeal to a lot of people - so just be ready to accept that when you engage in something like this, a proportion of people just won’t share your vision (I avoid public art requests for that reason).
As for constructive, I can only again suggest that I’d prefer something visually simpler. Something that is easily read - by people with small computer screens too. As a graphic artist, one of my pet peeves is the use of really fancy text that is all but unreadable. It has a place, but with some fonts it’s difficult to know what that place is.
Your “post reply” button for example, is huge in the sample posted yet is difficult to read even at that size. Imagine how much harder it will be when it’s reduced 50% or more down to its final size. Then imagine it thrown in with all the other buttons and menus and imagine the first time forum user trying to find things (it’s often hard enough even with plain, easily readable text!). Forum headings and buttons text need to be simple, sans-serif and contrasted enough to read at small sizes.
Also, I’d like to think the updated site will use Sago’s emoticons (there’s a thread somewhere) and if so, the look and feel of the site needs to be compatible. Of course, it may not use them.
Was your banner graphic created with Blender? It doesn’t feel 3D.
Your nav-bars are more “appealing” (to me). As an OSX user, they feel very familiar but I don’t think the drop shadows add any benefit. Some people may feel the perspex look is a bit cliche. I don’t think they marry well with your banner - they seem to head in very different directions.
(EDIT: With regard to drop shadows, the real problem is black text with black/grey shadows. Light text with a small shadow based on the background colour is more acceptable).
In general, I’d say forum graphics should be fairly simple and easily read. The banner can be as wild as the community wants it to be but still needs to fit with the overall feel of the site. I can only suggest looking at other forums (preferably professional or semi-professional forums, like CGsociety) and see how they approach the functional details and overall site design.
Good luck with it.