The text on the quick-reply box for "Beta" ("Decrease Size, Increase Size, Swith Editor Mode) could use some reducing. It expands the box quite a lot.
In terms of layout and readability, I think it is a marked improvement. Did the theme not include a package of custom images? I notice that the quote, post reply, and new message icons are all from the default vBulletin theme. If it didn't come with custom buttons, some more tailored to the theme coloring/style would make the theme pop nicely. I used to customize skins for forums, but I haven't in a long time. If no one else is jumping up to it, I could try again though. Cannot promise anything mindblowing, but they'll be at least a serviceable effort.
Of course, if there is a similar theme that includes a ready-made suite of custom buttons, it'd probably just be better to go with that. :P
User levels are take them or leave them. I made these for my old forum:
Admin
Mod
As long as they're simple, fit the theme(s), and aren't the same graphics as everyone else, they can be good.