I'm a big fan of heavy graphic themes, I just wish he would have taken his time and thought this through. Now my opinions are mainly on the graphics.

Things I don't like:
The wood fence is too clean, it should be a little dirty or grungy.
I would not put plastic push pins on the fence, have you ever tried to put a plastic push pin into a fence? I would use staples, maybe even rusty ones.
I agree with Chip the paper should be curled at the top.
I would also make the paper grungy or torn or creased in some fashion.
The papers have shadows all the way around them, light only comes from one direction.
The papers have too clean of lines, I would have skewed them just a bit.
He has a shadow in the upper left hand corner of the papers, which works on all papers except for the first one.
The sidebars extend all the way to the bottom of the fence, this takes away from the fence. He has nice clean lines at the top of the sidebars, why not stop them after the last item on the sidebar?
The supposed 3 pics that you can replace (which there are no layers on the psd file) are not even inside of the clothes pins, they are behind the clothes pins, wonder what's keeping them up in the air.
I don't know what the cardboard thing is at the top, but I can't believe one little tiny push pin is holding it up there straight.
I like his post-its for the quotes, but I would have used tape instead of push pins...can you tell I'm not a big fan of push pins. lol
I like his search, but once again, there's that post-it with a push pin, I would have used a staple.
I would have used a rich brown for the font on the sidebars and I would have used rusty bullets.
Too much dead space at the bottom of the page.
Issue with IE7, when I click on the first post I get a line that extends off of the paper at the top of the post header and/or happens when you click back.
It would have been nice if he would have included the font and the psd file in the theme instead of having seperate downloads. Of course it would have been nice if he would have put the 3 pics in layers as well, because he notes on his site you can change the 3 pics and tells you to upload them.

Things I like:
For the most part I like the vine work, I can only find one place where it doesn't look right.
I like the uneven pickets on the fence.