Favored Freeware: Rin

Rin is a free and open source theme for WordPress. Rin is operating under a GPL license. The idea with open source basically means that you’re free to do whatever you want to it. When you release it however the license stays the same and proper attribution is given to each author who’s modified it since you started playing around with it.

Pros: Rin is supported by its developer, looks great, and is easy to customize if you know your way around CSS.

Cons: No Photoshop template included.