This is absolutely untrue, and I have #1 and front-page rankings all over Google and the rest of the engines to prove it (including, currently, a money term in Yahoo).
There are other good reasons to stay away from frames, though. They introduce a whole host of technical problems. I’ve been converting my old sites from frames to frameless for those reasons. So I recommend against frames, but SE’s have zero problems with spidering them.
As for your site, my main suggestion is to try to offer more content besides site reviews. And whatever content you offer, put some of it on the front page. As soon as someone gets to your front page they see that you haven’t given them anything. They’re expected to dig deeper to actually get to any content. Most won’t: Check your stats and you’ll see that the overwhelming majority of your visitors don’t go deeper than page one. Why should they? You haven’t given them any reassurance that they’ll eventually find something good. I’d give them something right up front.
The only time it’s really appropriate to not have content on the front page is when the site is so massive that you need the whole front page to summarize all the stuff available on the site. But even then, you should have snippets to lead in to the longer articles, like on Wizard of Odds.