Hey BJ 
I am not sure if you are going to submit PSD only, but if yes, it probably wont be accepted. There are higher standards in PSD which means those type of graphically minimal designs are not quite good because buyers wouldn’t have to buy it, because there are just colors, borders, text and a few images. But if you are going to submit HTML or WP of this, I am sure you are quite close to have it accepted.
Plus
- I definitely like more the first variant (Layout 1)
- Nice colors
- Good sense for spacing and proper font sizes
- Nice use of cufon (or whatever text replacement technique you want to use)
- Good choice of a big picture in “slider”, definitely choose this one for your live preview
Minus
- The navigation red bg texture is MAYBE a bit much, but not a dealbreaker. Theme is simple and this kinda stands out which can be good or bad, it depends…
- Color of catchy tagline is too light to be catched
try little darker to pop up more, maybe a bold typeface too, you will have to try it
- Consider more content above the footer. It’s fine now, but content is king so maybe add there some space for some blog posts, news, rss, testimonials, whatever. Find inspiration on other websites/themes. Again, not a dealbreaker.
- What about rounded corners for the site container? Like 5-15px radius. Try it, maybe you will like it.
- Add more vertical space in header. Logo looks a bit vertically squeezed. Company logo looks always bad if there isnt enough whitespace around it. There is a little poetry in this, but I hope you get my point.
- The navigation text isnt properly aligned – see HOME versus BUSINESS MAN WALKTHROUGH
- You would need a good slider, not just an image so I miss those dots or arrows or anything like this which the user can use to navigate through images in slider
- Search box could be also a little bit darker. Now it looks like the site bg which isnt very good for user orientation.
- Consider adding dropdown menu
You have there very good ground work and it just needs more details, maybe more content, subpages and that’s it
Congrats for your nice work, well done!