I made some experiment on fr, and integrated the goings-on in the community page. You can have a first look here : http://fr.wikipedia.org/wiki/Wikip%C3%A9dia%3APortail_communaut%C3%A9
The idea is that the community page hosts the ongoing information (at least the most recent one). A link allow to easily go to history.
The edition follow a timeline. Most recent on top. The beginning of the line, in bold, indicate roughly the type of topic (Foundation, Tech, New project, Publishing etc...).
Of course, on meta, the community page is ... the main page.
So, roughly, on one side, we would have the ongoing information, on the other side, the permanent references.
Add a pinch of rework on the various "current events", "news" and other announcements, plus a big spoon of translation...
What do you think ?
Ant