I agree with Augmented on a number of issues — the line-height for the block text is too small, and even though the colour of the text and subsequent lack of contrast against the background is a problem, I'm also squinting to read the text. Provided the screenshot is actual size (catering for 800x600), I think you might want to increase the font size as well.
I also carry Augmented's concerns about the picture section on the right-hand side of the design. I think you're placing too much of an emphasis on the image as part of the overall design by having it so large and in such a prominent position on the page. As Augmented mentioned, finding images which are going to fit into the overall design could prove difficult, and stock images are a cliché I tend to consider the reserve of cheesy '90s corporate websites and cookie-cutter TemplateMonster templates. Whilst I don't know what kind of content you will be featuring on the site, I don't think stock images would add any value to the content. Especially not when their implementation into your current design would result in the loss of a vast amount of space below the image, in an already rather narrow design.
Perhaps the space on the right-hand side could be better utilised by information with more value contextually to the main text — important links and contact details which are currently relegated to the bottom of the page, a brief introduction to the subject matter or explanation of some terms used within the article, or even links to similar articles the reader might be interested in. Perhaps a small box enticing people to join the community, or even some carefully styled textual adverts if you are that way inclined. Anything to make better use of the vertical space, and especially the prominent position above the fold at lower resolutions such as 800x600 and 1024x768.
In fact, although I don't profess to be a connoisseur of fine graphical design and user interface considerations, I don't feel the design 'flowing' as well as it could. Whilst I commend you for thinking slightly more 'out of the box' (no pun intended) for emphasising the main content area and removing other elements such as the navigation and header from this, I get the impression that these elements are littered around the edges of the main content area as a bit of an afterthought. Both the navigation and header are positioned closely to the main content — which could in itself look strange in a design built for 800x600 viewing when viewed on a higher resolution screen — yet they don't interact much with this. Why not employ a bit more padding in the main content area and have either of these elements overlapping; the 'g' in 'designcut' edging over the harsh white background, or the current navigation item spreading across like a bookmark. If it was your intention to emphasise the main content over these elements, why not add a bit of depth by bordering the main content with a shadow effect or something similar? At the moment the design feels very linear, inbetween the limited colour palette, sharp edges and clearly defined elements, and whilst this may be excellent as a bold design statement, I still think it could do with a bit of softening up.
I fear I'm running out of educated assessments now and resorting to nit-picking, but I thought I'd give the old bugbear that is accessability a mention. The navigation on the left is rather clear in its functioning, I would say, and assuming the logo at the top of the page links back to the homepage, thats another accessibility point right there. However, semantically speaking one does wonder about the emphasis you have placed on individual elements. Whilst you are far from the only web designer to do this particular thing, and this is something I have only just considered, why is the logo at the top of the page larger than, say, the title of the article? Surely the name of the website is just a formality to the end user, and whilst its generally accepted as a prerequisite for any website, shouldn't the actual content take precedence? Perhaps you should operate a system whereby the website logo forms a relative focal point on the homepage, but is reduced in size and lurks in the shadows on content pages? As Augmented has already mentioned, the pullquote should command more attention than a simple bold typeface, and whilst this is not necessarily a design feature, you might want to consider splitting your content up under easily-recognisible sub-headings to further ease the reading process, with the customary 'go back to the top' links along the way.
Overall, not a bad effort at all. It definitely has potential, I'll give you that
Edit: Wow, did I really type that much? I need to get a life!
*av
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