I prefered the simplicity of the other version, I think you're designing for designs sake, don't neglect the business behind it. People want simple, fast loading, easy to use image uploading sites. Something too top heavy might put people off.
Yes paris hit the nail on the head. We are redesigning to organize all the new features we are adding. There will be elaborate member accounts with tons of options... just to give an example. Thanks for your concern though robson.