Well, I'm not really nitpicking on validity or anything -- just some technical stuff
Your font-sizes are defined with pixel values because they don't resize in IE. Use relative sizes instead -- as some of the critical info on the site is kinda small (11px which is about 9pt)
Add a Content-Type metatag with the appropriate charset (iso-8859-1)
Use paragraph tags for the content instead of span tags and ditch all the <br> tags
Wrap your image header "Welcome" in an H1 tag, and use a duplicitous value in the alt attribute (<h1><img src="welcome.jpg" height="34" width="98" alt="Welcome"></h1>) That will help the search engines.
Spacer gifs -- eh, won't go there unless you switch to CSS-p
I'd make your home links just point at the root (<a href="/">link</a>)
That's about it -- not too picky right? Of course, these are all just suggestions, and nothing here is that critical (nor difficult)