Looks like the updated v1.05 template is unfinished work. The template admin labels are not labeled properly. It has labels like STTEXT_LABEL, TOP_MENU_SUB, etc (labels that probably are not user friendly) compared to v1.04 which has better defined labels (Style settings, Module grid setting, etc).
Also, turning off Show Joomla Credits does not work. The credits still display even after setting to No in admin. This appears to be a bug.
Using FF3 and IE8, Joomla v1.5.20, PHP Version: 5.2.14, MySQL 5.1.48