The BBC are experimenting with some home page personalization, starting with lower level pages. The Guardian article examines the parallels with iGoogle, deciding that it was worth the effort, if only to prove a point.
I would put forth that adapting the experience, giving you choices for “what” to consume and “how” to consume it, gives rise to a whole new strategy of “adapting”. The technology to support this effort is now well known and refined, we can thank web 2.0 (yahoo/salesforce.com/igoogle) for such an approach.
The greatest challenge comes from refining the parameters of choice — meaning, giving you thoughtful ways to present information so that it’s still very usable. The assets I would want at my disposal would include shifting the headline, length of story, article summary, size and placement of a picture, maybe a community feed or a twitter feed?