The 1996 thing was a bit much, I agree. Nevertheless, strictly from a design perspective, it makes quite a few faux-pas. The general issue is mainly uniformity and control. It doesn't seem like a bit deal, but things like color coordination (and usefulness of the right pallet) is a HUGE deal and makes a bigger impact that you'd thing. Things like font sizes, placement, margins, etc.; I see quite a few issues with that on just about every page. Things like a clean, clear navigation(Why is "logout" not listed under the "home" toolbar? And why are there two toolbars in completely separate areas that both contain user controls AND main site navigation? Confusing).
And the background definitely is an eyesore. Nice as it is to show off high-res images of favorite/upcoming games, it serves no purpose when there's nothing but ads, navigation buttons, and other elements over 90% of it. At that point, it just becomes one more thing that is "busying up" the background and taking your focus off of key elements like the navigation (it's never good to compromise functionality for flair). There is a way to pull it off, however, but this isn't it, I don't think.
Not that the website isn't a feat in itself, because it is. I know first hand that it's not easy making a website like this, nor is it easy to design it and make it a nice, neat little package. But if you can, it's never not worth it.