Edit: Unfortunately, the images originally included in this post are gone, because of hosting problems in late 2009. My apologies.
There’s been an update to the fledgling IceBuntu derivative of Ubuntu, with a new theme and a few other minor adjustments. This one seems to be called “alpha 2,” if I read the ISO title correctly. I tried it out this afternoon and took a screenshot.
For the most part it doesn’t look that much different from any IceWM desktop with the IceBuntu theme; this is definitely one that is a fixer-upper. So far the only things that I see that need adding are the default Ubuntulooks GTK theme, and a few minor things.
If I use it for any extended periods of time I’ll probably be adding PCManFM over Xfe; I like the latter but I find it perennially out of place because of that Fox toolkit. It just never looks like it fits to me.