Ah yes, I have some views on this.
Imagining myself in the position of someone who has never visited the site before and knows nothing about it, the biggest thing I'd expect to see (currently missing) is some kind of intro blurb as you've said yourself (what the site
is / mission statement). Wouldn't have to be very long I agree, just something snappy to give the jist ~ something like what snesmusic or project2612 have would work.
As a dynamic site it seems important to me that content updates would remain a prominent feature of the front page. You could budge the font size down two or three points though. Actually, zooming out on the entire page by a couple of points in Firefox already looks better to me ~ right now everything looks a bit chunky.
The second thing I notice that is either missing or not obvious is links to VGM players (standalone apps + Winamp/foobar2000/etc(?) plugins.) I think those should be right there on the front page somewhere. Again, taking the position of someone who doesn't understand anything, I'm going to be confused if I browse the site, listen to songs, then download a soundtrack and discover it's some weird "VGM" format that I have no idea what to do with!
I love the hell out of the random set button, btw

vampirefrog wrote:
then maybe some colorful icons that lead to different sections, that would replace the buttons "Chips", "Composers" and so on (although I doubt anyone clicks on those, so I might just remove them from the front page and leave them in the menu).
They could be made smaller or iconised, just so long as it is still obvious what each of the buttons does. I often use the buttons myself, especially the composers button. I've found countless great soundtracks over the years by searching via composer, moreso than via franchise or developer. If they are taken off the page and left in the menu it would add an extra click (#firstworldproblems yes) so my opinion is it would be better to keep them in both places, for being ergonomic. The front page isn't overloaded with content as it stands.
The only other feature I can think of right now that I'd like to see is not concerning the front page but the Chips section. This time I don't need to play the role of an idiot because I actually am one; I haven't a clue about the technical details of most of the chips listed (only the few that I know), and I think that It would be interesting to see some information listed about each of them, mainly things like number of sound channels, whether they're PCM, PSG, 2op, 4op and so on, possibly manufacturer or systems they're associated with too.