Apart from looking terrible, it also contains an iframe to http://www.geek.lk for no good reason. Doesn't seem to be insidious, but very well could be.
I don't see any reason why the author would embed a 0px iframe other than to make his own site more attractive for the search engine crawlers. Some people (myself included) will sometimes leave a harmless anchor at the bottom of the theme linking back to their site or whatever, but I think an iframe will actually load the site linked to and display it - regardless of its size! I would consider this insidious since most people are unaware of it due to its 0px height/width.
The iframe is located at line 51 in default.master.php
OK, I'll take care of it when I get back, can't reach those areas at the moment. Thanks for noticing @VikingCode!
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I'd imagine its only a means for him to track usage, no different to Vanilla using transparent 1px images for tracking, but nonetheless a bit naughty on a theme