What is wrong with this tree?

[Trek420]

When was the last time you gave it a good pruning? Not now probably as it's leafing out but later.

[AnnieBikes]

The freeze of Easter weekend in 2007 got my Japanese Maples, too. They are still recovering after the next two summers ('07-'08) with drought. The trees have leafed out completely now, but there are still remnants of the freeze that look just like your tree, bare branches. Mine have gradually dried and broken off. They are pretty big to prune, so we just let it go. The wind will break off these twigs eventually, I think, but the suggestion to prune those twiggy, bare things was a good one, though you might want to wait a bit longer to be sure that they do not leaf out any more.