Though one could make the argument that the new Travelogue theme by WordPress Zoom is not a CMS theme, the design is just way too nice not to mention here.   According to the designer, this theme was built with travel blogs in mind.  Best of all, it is completely FREE!

Here is all of the information provided by the WP Zoom team:

Travelogue CMS Travel Theme

Travelogue Theme Features:

• Simple Theme Options Page allows to set up the theme in less than 10 minutes!
• Support for WordPress 2.7.1 and 2.8
• Widgetized Sidebar
• jCarousel script for Featured Posts on Homepage (easily controlled from Options Page)
• Integrated Social Bookmarking, No Plug-ins
• Gravatars Support
• Easily insert/manage 3 banners (from Options Page): in header, sidebar and content.
• Compatible with all modern browsers
• Valid XHTML & CSS Code
• Very easy installation

Travelogue Price Options:

• FREE!

Source/Demo | Purchase

The Woo Themes team continues to release some outstanding designs with a strong attention to detail.   Their latest WordPress theme, the Meta-Morphasis theme, was designed for bloggers but gives you the option of having a magazine theme layout on the homepage.  Oh, and it is completely free to download!

Here is everything included with the Meta-Morphasis theme:

• Two-column homepage with Featured posts and normal posts
• Sweet jQuery widgetized slider in the footer
• Custom javascript font-replacement for titles
• As always, Meta-Morphosis is built on our very popular (new) backend, which includes some  non-standard, non-average customization options;
• 8 different colour schemes to choose from…

Meta-Morphasis Magazine Theme

You can view the live demo of the Meta-Morphasis theme here.

Meta-Morphasis Price:

• FREE!

Source/Demo | Download