I'm not sure about everything yet, but I will say...

Can you bring back the news feed?

I think it would help on the news facet of the site. I feel that it doesn't make much sense to try to shore up the weaknesses of the site (not many formal reviews, previews, guides, and authoritative information)... However, it would make sense to try to take the strong part of the site, the forums, and branch out from there, into news discussion (a dedicated newsfeed like there used to be would help), and after that... well... what else would help?

I just had an idea about helping people out, but it's probably pretty stupid given the inevitable how-to-hack-my-hotmail requests and such.

What about a member-finder?? You could put your location into an AO database (not the same as profile, something private) and then other members could search for people in their general location. When they get a list of people (not their real forums names or real life names, just a placeholde), their approximate distances, and interest-lists, they could then PM the users. It would be up to the user to reply back, disclosing who they were. That way you could find local AOers more easily, as well as developing a potential WAUG. I just coined that. Wide Area User Group. Pronounced 'Wog'.