Hmm... Theme's ok. I get your whole "let's keep it busy" idea. Personally, I like sites like that. But that's a bit like "new classical" music (Phillip glass, Geroge Crumb, Robert Helps). In "new classical", there's good "ugly" (George Crumb, "Black Angels") and there's bad ugly (first year music composition students). Your site is sitting right at the middle.
Opinions:
1) Get rid of the gray background. It clashes insanely with what you're tyring to do. (It's distracting because it overpowers the text. Such dark in what's otherwise a light site.) You may want to try either using a lighter color or fitting in some sort of pattern in the background, maybe a few of those Japanese-style advertisement posters. (Example here.)
Alternatively, black instead of gray, or maybe a gray-black 2px repeat pattern, so it looks like the BG is textured.
If anything, think about going for that whole "down town, we stuck a lot of posters of the same thing here and now they're all peeling away, 'Vote for Pedro' 'Punk rockers in concert'" look. (Example here.)
2) Spacing is ok, but you may want to space out paragraphs a bit more, to differentiate them from straight-out sentences. Makes it easier to read without changing the feel. You may also want to consider making the text a tad bigger, and a smidgeon tighter. It's a tough one to pull off and be readable, but it can look really good. Very sharp, serif fonts are perfect in this case. The text may have to be darker for this to work, though.
3) Right-align pictures within the text. It'll make the page look cleaner while keeping the same feel. As it is now, your busy look has a LOT of dead space. (Though I agree with the whole "more white space crowd in some aspects, I see what you're trying to do with this, and like it, but think that you're using the little whitespace you're allowing yourself in a manner inconsistent with what you want to do.)
Good luck with this.