Well, by all means make a new site. I can't see it actually replacing GP32x even a little, but I'm all for a diversified community.
For all the GP32x has a layout that's not changed pretty much since it's inception (about the only change really is the presence of the archives, and they aren't there at the moment, unless there's been a change in the last couple of minutes), there's a reason it's still going strong. And mostly, it's because of the "most recent topics" bit on the front page. I've not come across many other sites that do this, and I don't think I've seen any that do it as well as GP32x.
News is community contributed as opposed to newsman done, so it's unsurprising that other places hear about some things first - especially if the news is from Spain, in which case it'll get to GP32spain.com first, then someone'll notice it there, and *then* it'll get posted here, but won't be available until ED gets a chance to check it's real. In contrast, Kojote's site (pdroms) is moderator posted (iirc), so there's no need for news verification. So of course he gets there faster sometimes!
But I must agree that the reviews section of GP32x is pretty bad (for all that there are some great reviews there), and there are few features as such (e.g. on how to use a particular aspect of the hardware for devs, or game competitions, or similar) that take place outside the forum, which doesn't add to the professionalism here. But it does mean less work for the people who run the site - even if it also means that you're presented with a famine of plenty (all you have to do is think of a topic and post it, and anyone interested gets in on it - as opposed to relying on a moderator to do so - but that does have a tendency to mean that one simply doesn't think of anything).
The alternative is something like the GP32news model that was, or indeed, anything where the brunt of the workload is taken on by the mods/news people/etc. This method is fantastic as long as the mods check everywhere, regularly, for news to post, are good at writing, and don't lose interest (the most common thing to happen). Or, I suppose, trying to do the same as GP32x but with a spiffier interface (i.e. still community driven, but prettier). Fine in principle (for all that people aren't going to flock to it immeditately, I'd say), but in practice, I can't see the efficiency of GP32x being maintained, which is most of the attraction of it after the community's been taken into account.
Just for the record, GP32x is the only site I've check up on every time I get on the net since my discovery of it. It gets more refreshes than my inbox, more than bbc news or slashdot, more than basically anything. There's a reason for that.