This is my first theme ever (one month ago I barely knew HTML by the way), yet, please be very critic if you check the theme page. The thing uses jQuery massively and even if I clicked on those buttons so much it might hide some bug.
The post with images about deactivated features on the website:http://foolrulez.org/blog/2009/08/foolmatik-released/. (GPLv3 and built on WP 2.8.4)
Demo (the actual site, because it would need me to make some dozen of posts and upload pics in order to make a decent one): http://foolrulez.org
It is meant to have constant updates.
This theme shows two featured posts in the main page and two thumbnail posts with their titles under each feature. From the same homepage you can access the first 6 posts in any category (AJAX'd) with some cool (I think it's kind of cool at least) and simple transition. Every post shows excerpts and comment number (edit button too), and its thumbnail. Through the option you have fields to control all the categories listed and captions, AD spaces activates once you paste the code in the textfields and so on.