The first time I went to check out the Phatnoise website, I saw too that it was pretty content-"less". The animation was cool to watch on a speedy DSL line, but back home on a traditional modem, it was less than enjoyable.
However, I did notice on their front page they had put something about a new site being up by July 5th? Apparently they are ahead of schedule because when I checked this weekend, an entirely new site had been put up. Only the introductory animation remains (which thank goodness you can still bypass by hitting the "skip" button).
And I must say that the new site looks pretty good. Nice clean graphics, much easier to navigate, animation is at a minimum, and much more content! I would definitely recommend checking out the new site.