I came across this site while searching for liquid design. Naturally this site uses liquid design, but strangely enough it doesn’t seem to make as good a use of it as I thought. While the text and images do adjust automatically to fit the browser window, if the window is too small some page element’s just disappear entirely. This is because the site does not allow side scrolling at all.
This is a very small problem since the site looks great at 1024X768 and not to bad at 800X600. This site does not appear crowded or empty.
The wording is spaced well and is never placed with the right amount of spacing between the box it has been placed in and the images. While All the images are spaced well between each other. The site leaves in the right amount of space to make it appear nice and tidy, so that the user does not feel that he has to focus on many elements all that once.

“space: This is really one of the most important things. Musicians often say "it's not what you play, but what you leave out that's important". What they're saying is that the space that you leave in your playing gives the music room to breathe and allows it to groove. The same principle applies to web design (and design in general).”
("www.elated.com/tutorials/authoring/style/pro_websites/")

Overall I would say that this site is successful when it comes to it’s use of space, thanks to it’s use of flawed yet effective Liquid design and appropriately sized and placed page elements.