There should probably be a brief introduction of what FHSW is/what it features near the top of the homepage along with the download links. Perhaps a vanilla BF1942 download link as well to simplify the process - there's currently download links all over the place, variously on the moddb Downloads page (linked in the sidebar), and the FAQ. I'd agree; also the Facebook page doesn't need to be that far up the page, and could probably be shuffled to a lower position on one of the sidebars.
Put the servertime clock above the server information:
Either this, or if the Next FHSW Event header is kept then a link to the Events thread could be placed there instead. Regardless, server events need to be prominently displayed on the front page to indicate that the community is still active. Quote marduk
put direct links to the most relevant threads (like Events) on the mainpage
I'd keep the FAQ and FHSW News there as well, actually. Then you could have the "Latest FHSW News' section on the main page trimmed down to one or two articles and images only.
In the top left menu of the home page I would leave only the topic forum, tutorials and downloads just that other things would leave in a forum topic.