This web page definitely has too little whitespace. There is virtually no whitespace between the title and the navigation bar and around the search bar. Within the navigation bar, there is no vertical space. Also, the left sidebar has very little breathing room. It is difficult to tell where the links separate, even though they are marked with bullets.
The right sidebar is a whole different story. There is actually so little whitespace that the heading doesn't fit inside the sidebar. While the sidebar is meant to display some kind of highlights, I can't actually tell what the thumbnails are even about.
I would give much more space for the header and sidebars. The content area already has plenty of whitespace, and is too wide, so it could donate to the other sections.