I think the resources at the top should be replaced with the hbgame of the year collection (Oh yeah, vacant sky's is a google search result link, that needs fixing :s )
The items that appear on news should be changed to be more full articles, so when you find posts that are good and contain images and are properly formatted, set a flag on them so the homepage can display them in stead of pulling them from news and articles, that way we could have stuff like project announcements or completed games that have a good first post appear on the home page, filling it up with screenshots and a good formatted display so people can see the best games produced/announced.
I think it should be done on a post-by-post basis, so update posts for projects can be displayed on the home page (Again, if the post has good content).
In terms of code, I'd make a database of topic and post IDs for the homepage to search through to pick up the lastest post to display.
I think the entire of the left column should be latest topics with a short 100 character preview of the first post along with a date and reply.
I'll draw up something later actually.
EDIT: Having homepage exposure could be a good incentive for people to work on their games towards the next milestone so they can create a solid update post for it to be shown on the homepage.
EDIT 2: Here is a crappy image I whipped up