Most people feel that if the person doesn't see everything including the kitchen sink on the front page, then they won't click through to view the other pages. This couldn't be further from the truth. You go in, you get scared, then you leave. Not likely many. Understand if there is one common denominator in mankind, it is that we love to explore.
More pages mean more things to look at.
Sub-pages can also allow you to create different color schemes to better inform the user where they are. Long story short, reduce the content in the same fashion you write paragraphs of information. One topic per unit. If you've been a webmaster for any time, you've probably wondered what the big difference is between GIFs and JPEGs. If you need animation, GIFs are the only way to go unless you don't mind using Javascript to swap JPEGs.