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It is functional for it's purposes and that is what is most important in this case... it fits its content and objective. Why put more "design" into something that doesn't need it. You can always ad some small subtle detail to the nav etc. but I think it works as is.
I am assuming that you will be putting some sort of snazzy marketing fluff / or functionality into that huge image area... if not I don't see the purpose of having it so large.
Kudos for restraint!
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Yeah at this stage the image is kind of a placeholder. Marketing will come up with something to add to it(tagline etc)
Also looking at doing some stuff with CSS3 on the site for the text, buttons etc