If you go into the site from the orange welcome page like I did last night, then yes, the site is hard to navigate and the pulldowns don't offer a lot of information unless you know what to look for.
However, if you go into the story site from the BDSM Library banner link here in the forums, then the page viewed is basically the same page as the old story updates page, so it's easy to do a side-by-side comparison.
The site navigation was just way easier on the old page. All the stories were laid out right there for people to see and so was the search engine. You can't even search on the new page.
I think some kind of combination of the two would be good. A way to keep the dropdowns and site info, but also to keep the search engine and story updates on page one.
It doesn't look bad, by the way, it's just not easy to get around.