from Connection Cafe:

The 10 Commandments of Effective Homepage Design

I.    Thou shalt clearly state who you are and what do you.
II.   Thou shalt be able to point to where your top 3-5 online goals are represented on the homepage.
III.  Thou shalt offer clear, concise navigation.
IV.   Thou shalt provide scannable, up-to-date content that entices visitors to click for more.
V.    Thou shalt dedicate space to each of your audience groups.
VI.   Thou shalt convey a visual hierarchy so visitors know where to look and what to do first.
VII.  Thou shalt include 3-4 ways for visitors to engage.
VIII. Thou shalt avoid the Flash intro or any other gratuitous animation.
IX.   Thou shalt make sure most relevant content is above the fold.
X.    Thou shalt balance meaningful content with relevant supporting graphics.