WPMU Dixi - CMS Frontpage Theme
WPMU Dixi is a seriously powerful theme designed specifically for WordPress MU that allows users maximum configuration, with maximum ease... and naturally not a required code edit in sight!
The theme itself has an options page that'll make your eyes water - allowing you to customize almost every elements of the site from the background, nav colours, font, text size and whether you'd like it to appear as a homepage or a blog page.
It even includes an option to pull in multiple RSS feeds and display them via dynamic tabs, neat huh!
Below, you can see it in action in it's bloggy (rather than homepage) form:
