I'm not sure when the changes happened, so this could be really old news, but I was pleasantly surprised when I visited today.

It's always been configurable, but now it's pretty slick. You can easily add and remove content modules that you're interested in (Hotmail inbox preview, news, sports, weather, entertainment, stocks, etc.) and completely configure how and where they're shown. Configuration is done through live drag and drop... you can even resize the columns by dragging splitters that show up when you hover over a column border! The UI is dense in terms of information, but doesn't feel cluttered like the main MSN home page.