In college my web teacher pushed that the first element a visitor should see is the logo. They needed to notice the logo first to build brand recognition.
The web has changed.
Your site's content will make and re-enforce the story you're telling to your potential user. More websites are giving more visual weight to their content first. Like this.
Here's the visual key points I try to show.
1) Who is the user?
Quickbooks users
2) What questions do they have?
What does this app do?
Does this app suck less than Quickbooks?
3) How do I get started?
Very true. 37signals is a prime example as well. Their logo is quite small compared to the rest of their home page, but its memorable and doesn’t distract from their big, bold content.