Alternate home page for unregistered & logged in users

Right, I do have a few ideas in mind regarding how to achieve this, but before I start I’d like to get general opinion on the best way from anyone who may have done something similar in the past, and to find out if there are any solutions I may have missed thus far.

Basically I would like to show a different home page to those who are not currently logged in to my site to those who are logged in (similar to the way Twitter does things).

If anyone has any suggestions, they would be much appreciated, thanks for your time, Rob