Arch Linux

Arch Linux is a flexible and lightweight binary distro that is i686 optimised. It is extremely fast, configurable and easy-to-use (once set up!). The range of available packages is very large (if not Debian-sized) and there is excellent community support.

 

Arch Linux mainpage 

Comments

best of all worlds

Arch is a base-distro able to be anything you want it to be, you can have it as stable as possible or bleeding edge (getting packages even before there official release), or you can create your own mix.
It's not point-click and it will never will be, this would create a less transparent and more complicated system.
This is one of a few distro's providing the best base for a highly optimized system.
And man.. the rolling release system is simply fantastic and extremely addictive.