The theme looks good to me. What bothers most is the new structure in the administration panel.
Although it's more structured and organized it's unnecessary. But that's a subject to one's viewpoint.
For a board like phpBB and alike it's makes more sense cuz they are jam packed with stuff punbb doesn't have nor need.
Punbb <1.3 is more then intuitive enough. I started using it a week ago and found everything at on look in the admin panel.
There was no looking or thinking under which category it might hide. It was just there at the first look. It was perfect.
And I'm saying this as someone who just isn't to much used to it, to accept a new style but as a novice who tried many forums in the last weeks.
There is a reason for people choosing pun before others. Don't loose that quality by going phpBB style. It was very well organized till now.. (kudos to rickard for that)
I've thougth the same thing for the past 1.5 years and never said anything. Thanks zef for putting my thoughts to words.