To me, there's a uniqueness to the tall/skinny look that's appealing when paired with the simplicity of your design. Still taking a little more horizontal space could make for less scrolling for the user.
I agree with creating more contrast between your two nav bars. I definitely want to see the word "listen" associated with the player links. You might consider adding "Listen" to your top navbar and adding "Flash", "Windows Media", etc. as dropdown items.
Hope this helps.
Diana
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