That is a well designed site. I like the second also. I loathe sites that make me click/do things to get at the content....I already clicked there to get to the content, why the more clicks (hence, why I like the second site)?!?
There's not much about that site that really needed to be done in flash, but hey, whatever works. I don't like flash sites much, but hey if you go without the music, it loads quickly, and the flash isn't getting in the way, then I don't have much of a problem.