Making a static home page?

I’m trying to find the most efficient – and up-to-date – method for creating a blog that uses a “static” home page. I want visitors to land on something that doesn’t necessarily show posts (like most default themes), but has a more conventional “website” look to it.

I suppose I could always install WordPress in a sub directory. I’ve seen that done. But I’ve also seen examples where people create the same effect within WordPress and whatever theme they are using. Like this example:
http://www.youtube.com/watch?v=ClXmWsE7wo8&feature=related

If you’ve checked out this video, would you say this is reasonable method to create a static home page?