I realize this is an old post, but just wanted to simply say, it is all in what you are trying to accomplish, and what you want the first impression to be.
If it is a journal of your daily/weekly habits, and creativity, then of course the blog is what you want to put out there first, preferably with lots of photos,
this is what I like Wordpress Dyad, and Gazette themes for, very responsive.
On the other hand, if you are wanting to use your Wordpress as a website, then the static page is the way to go. You can add a professional touch
to the blog, and link new pages both on the blog, and off.
I understand what Karen is trying to say, but do not necessarily agree. Mirror, or Splash pages, or as Karen referred to them as
gateway pages or welcome landing pages, can still be very beneficial, especially if used simply and properly.
All my domains use one, in one form or another, if you check my signature you will see some examples. I do pay into hosting,
one is with an actual host, with cpanel, etc.... the other is hosting my digital scrap forum, where one of my domain name's splash pages is hosted.
Anyway, bottom line, it really does depend on what you want your end result to be, but people who need a good splash, or landing page should not rule the static page out.
You can check out the Noir Designs link in my signature to see how I integrated a free weebly site, and a wordpress blog to look seamless. You can also see an example of a very productive splash page at my Digital Art & Graphics link in my signature.
Hope that helps a little more.