Hi Greg. Welcome to the forums.
On the positive side, it's quite a bold design. If tweaked around it could be a respectable portfolio page. The layout is pretty good, although does it display properly width wise (not have a horizontal scrolling bar) on 1024x768? As that's pretty essential.
Personally, I'm not a massive fan of the border and choice of hover change. That's just my personal taste though, and might be totally different for the next person. Something worth considering though. I personally prefer something more subtle for hover changes, that just adds a little something extra to the image that's hovered to distinguish itself from the rest.
The only other thing would be the header, which I think looks very much like that fancy text you used to get on Microsoft Word. I think it could be improved although I'm not sure how. Possibly lessen the gap between the header and the red box, to the same size as gap between the red box and the portfolio images.
I've been nitpicky on perpous, as constructive criticism is needed in all design. Keep at it, I'm in no way saying I'd do better, or that I'm right with the above opinions. Let me know your thoughts on what I've said and if you change anything definitely let us know.