There's simply too much going on with not enough padding between posts. Information is too condensed. Adding some empty space between posts would really help the readability of the page. Possibly try to emphasize the lines that separate different posts and remove emphasis on the lines that separate the post text from the post metadata (user, timestamp, forum, etc). Each post should be easily identified and isolated, akin to how the new forum layout works to separate replies in a thread.
Using dashed lines around quoted text just makes the situation worse by breaking up each individual post into more fragments. It gets worse with a series of quotes because different parts of the quote get printed ("abc wrote""xyz wrote""I think blah blah blah"'Actual response'). It might be better to just omit any quoted text completely, since most of the time you're only seeing the quoted text and not the new response, which partially goes against the point of the live feed as I would imagine it (to see the latest replies, not what was said previously).
Edited, Jul 3rd 2011 1:07pm by bsphil