Given that technology and taste changes so fast, it is a wonder that websites change so little over time. I would say that after 2 years a site should be seriously courting developers for a new product and after 3 years without change readers are starting to wonder if you really care about them. If your site is 4 years old without extensive modifications, you are probably losing customers because the customer experience is so horrible.
I am happy to report that the new WSJ.com site is not a redesign, but a completely new experience.
As you can see from the before and after photos below, the new WSJ.com site is wider, minus a side bar, and less cluttered. My initial reaction is that I like it.

OLD wsj.com site

NEW wsj.com site
I go to log in and right away encounter a problem. On my Imac I cannot log in using Firefox. I can however log in using Safari. As soon as I log in I send WSJ a note using the comment feature about the problem and within 15 minutes the problem is fixed. Maybe it was me, maybe not, either way small glitch corrected.
The WSJ.com site is the only newspaper website I know which offers real online communities. The Journal Community is where people post profiles, make connections, share news items, and form groups around their interests. I set up my profile, which takes about 2 minutes, and peruse the categories for newspaper groups. There are none so I start one. Here it is. Please Join.

Exploring the site, I get lost in a series of links and have to hit the home button a few times to get my bearings. This should resolve itself after a couple visits to the site. I read a few articles and check out the comments section, video tab, interactive graph tab, and slideshow section associated with them. They are nice new features. I should mention that at press time, only paid subscribers can comment on articles and join the community. There is also a newsreel widget that can be downloaded or embedded into any blog or social networking portal.
A redesign takes what was before, moves stuff around, puts bells and whistles on it and calls it done. What the Wall Street Journal did was completely change the way people interact with their product AND expand on the capabilities of what can be done with a multimedia website. Aside from a few kinks that will be worked out in the next few days, I think the new site is a homerun.