I like the look a lot, the BG is cool, it fades in a bit slowly, but that's probably Flash running slow as usual on my Mac.

I think the gradient on the navbar doesn't look too good, maybe darken the grey down. Contrasts weirdly (imho) with the bg image.

Also, in the portfolio section, make it more obvious that when you click one of the arrows in the pop-up, it'll take you to the next PROJECT. At first I thought it would take me to another screenshot or image of the project. Maybe add a little text that pops-up when you hover over the button? Again, all my opinion.

Rest looks good!