Hi,
I think this is a great theme, and I've been using it for several months now at http://www.reviewmylife.co.uk/blog/. I'd like to share some improvement suggestions with you that I hope you'll consider integrating into the code to make it even better.
1. You should use the width and height tags for all your thumbnail images to speed up page rendering. There are lots of instances of this. e.g. in the various featured[1-x].php files you already have the sizes embedded for use by the cropper so you can just add the width and height tags right in.
2. The cache-control / expires values in cropper.php seem very low. Only about 2.5 hours. I've changed it to two weeks in mine.
header("Cache-Control: max-age=1209600, must-revalidate");
header("Expires: " . gmdate("D, d M Y H:i:s", time() + 1209600) . "GMT");
3. I think (but I'm no HTML expert) that your <hr> tags in home.php should be <hr />
4. Your bgds.jpg seems quite un-optimised. When I analyzed my blog using Google's Page Speed tool it optimised this image from 11283 bytes, to 977 bytes with no noticable loss of image quality. And by converting bg.gif to a PNG it goes from 46242 bytes to 30031.
Thanks for the great theme 