It's not bad but you could do a few things to improve it. You might want to maximize the real estate "above the fold" by making the "banner8" image smaller.
The logo needs to be smaller and less embossed. You've got jaggies around each chrome letter and it looks pretty rough. You might want to soften that up a bit. FYI, It's a trait commonly associated with people that just learned how to do "chrome" in Photoshop. The bottom "donate now" banner looks much better.
In addition, you're using text in your top banner. Since that's the space checked first when a page is spidered, you might consider using CSS to format "Performance Modified British Sportscars" in actual text and put it in the same place.
It'd be much more effective from an
SEO point of view, since those are some hefty keywords.
You might want to ensure that the "british v8 conversions" links are placed more prominently, since those appear most likely to drive visitors to your site.
The page title should be revised immediately. Something like "British V8 Conversions Engine Swaps & Modifications : News & How To's" would better target your audience.
The main heading needs some love as well. Look at it, read it aloud and say "So What!". You need to explain what makes yours the best British V8 Newsletter site on the net.
The 24 image slideshow and the javascript to run it is way too taxing and slows down your page loading. Consider making that a flash movie. It'd be much more efficient and would look every bit as good.
The "How it was done" articles, utilise tables. Not a big deal, but I'd recommend that you remove the table borders and increase the distance between the rows. Use alternating row colours in light tones to break up the information and still maintain a smooth and tasteful visual appeal.
All in all, it's a pretty good use of space and I like the colour palette you've chosen. You've got great content and lots of links to related information.
A few small changes will "pop" your page and I'm confident you'll do well in search results.
Those are my .02
Good Luck.