Have just been reading about the new release of Gentoo that was announced recently. There's some details
here and there are some screenshots of a new LiveCD
here.
I've been wanting to play around with Gentoo for a while, but the lengthy installation has always put me off, so the a LiveCD version - even if it negates the advantage of using a version compiled for your specific hardware - gets a thumbs up from me
...and it even looks nice too, well as much as Gnome can look nice