This design reminds me of a magazine, which it what it is for. I like that they manage to maintain the magazine look without shoving a bunch of colors and text into your face. Though I do think that they could have avoided designing in the gutter.
At first glance, this design may appear unbalanced because of the big white space. However, in this case I think this negative space lets the viewer focus on the top of the image and adds simplicity that balances out the busy and colorful top.