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Hi DrClaw,
File size is still way up there. From my work the IBM Page Detailer is reporting 561327 bytes (548K). I suggest getting your hands on PhotoShop, and running through every single graphic, and use the save for web option of PhotoShop. This will enable you to squeeze down those file sizes as much as you can without loosing too much image quality. Both your flash menu, and one of the pictures in your top news story are well over 100K each, you really need to chop them down to size to get performance.
THe results from the IBM Page Detailer are quite easy once you get the basics. You have a chart, and a details display. The chart displays the timeline of your site loading and the total time and size of your site (up the top). The details section gives you a breakdown of each item that is contained in your site.