IMHO it's in the wrong place. We used to use a seperate page for registartions, with lots of info on, just like yours. We were lucky to sign up 1 in 20 visitors.
Then we moved it to the home page, simplified it. We timed how long it took to read the home page, and then sign up etc.
Now we convert much much better than 5% :O)
I know you have a sign up box on most pages. We tried the compromise of putting a small one in all the menu's too. It didn't work. Make it big, make it quick, make it the first thing they do....
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