fvwm continues to get better every day!
There are new features being added all the time to fvwm and almost daily! Some of the latest features include window shading in all directions and font shadows in titles, menus and modules. You can get rpm's for fvwm at http://fvwm-themes.sf.net now too! :-)
Also fvwm now supports transparencies, dynamic configuration changes, gnome, kde, session management, xinerama, and much much more.
Truly one of the most up to date and best supported open source window managers there is. A Fantastic Virtual Window Manager for every desktop! I wouldn't use anything else! ;-P