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There are 2 issues here, and it is important not to confuse them.
1) the first page a user sees when they log in (e.g. My Yahoo)
2) A "Home Page" for the user to present themselves (e.g. Yahoo Profile).
Myself, I'm much more interested in case 2 - the user has an area on the community site that they can use to promote themselves and their activities within the community.
Option 1 was something I had not considered. I would love for it to be possible that a user chooses only what news items, article categories, and even what modules they see according to their preferences, but this is not so important for me and I guess a long way down the line.
Option 2 I think is the more important, option 2 could therefore be used for option 1 as the user wanted.
Also, using the Yahoo paradigm above, the next logical extension is "Yahoo groups". Whereby on a large enough website people could form separate sub communities (e.g. Cats on a pets site, RPG on a games site, etc) and creating a group would then allow access to a separate discussion forum, photo gallery, etc.
Before anyone has a heart attack I know this is a *massive* amount of work (and I'm not suggesting it, merely discussing it), and as I mentioned before would have to have a lot more close configuration between modules - maybe to the extent that they became core (or a core API for each module type was defined) but I've evaluated almost all of the major OpenSource CMS/Portal systems out there, and while most of them are great at presenting heirarchical data in different, I don't think anything has the ability to build communities of this type. I guess I've really undervalued all the tools that Yahoo provides.
Don't follow me, I'm lost too!