Favicon; Not bad at all, actually. Its soft on the eyes, and clean.
Index page; First impressions...
1. What am I looking at? I see two main things at the first visit... A giant miscolored ad, which is more dominant than your logo, and a HUGE social network image (maybe its a second logo?)
2. Like MrSandVik said, fix the capitalization in your page title. That is quite a big turnoff.

Logo; I personally like your logo... simple and clean. It works well for the site. One thing I would switch is the English in the slogan.. "Connected with Community" to "Connected with the Community" Just a technical change.

Graphics; Soft on the eyes, easy to look around. Good job.

Now, this is all my personal opinion. Take it or leave it, good job overall.. at least just fix the color scheme of the top ad. Hope it helps.