I decided to do this for a number of reasons. The old page had not been updated in a long time. I had been planning to redesign the whole site for a while, but had never gotten round to it. At the same time I had recently started blogging, and decided that the blog would make a more interesting and relevant front page to the site.
No content has been deleted, except for the old front page, which was little more than an index. Some content has already been linked back to the blog, other stuff I am going to leave unlinked until I get round to updating it.