ThinkChristian.net, a site that sometimes hosts blog posts of mine, has a really interesting site design. Check it out at http://www.thinkchristian.net/ .
What I like about it is that, rather than just giving top billing to the latest entry, they highlight the most five recent entries. It picks one of the five and gives it the top spot, showing the piece’s first bit of text along with its graphic. The four other most recent entries are listed below it. And I know it doesn’t always highlight the most recent. I’m not quite sure whether it actually cycles through them like a slideshow or if it just brings up a random story somehow.
However, it manages it, it strikes a really nice balance between celebrating the most recent and keeping older pieces on the front page. I can see this working quite well for, say, a smallish fanfic archive.