I like to redesign, looks very modern. Whats strange is how they are trying to do an iGoogle or a customized yahoo experience, if you go straight to their main homepage. I'm wondering if I would really want to use the BBC for my customized homepage.
I believe the BBC's customizable front page is aimed at consumers of the domestic UK BBC output who naturally consume their own personal set of BBC output (6+ TV stations, 7 national radio stations, tons of local radio stations, all of the different programme-related websites).
The idea of the BBC front page (ie www.bbc.co.uk) is that you can pull together a customized front page that reflects the tastes and choices you have in the BBC's output.
Outside of the UK most of those options are not available and so it seems less valuable.