Since all the packaged systems need so much customization, you might as well build your system in your own idiosyncratic image from the start. This is a good point and, as a coder, it's always more fun to build something from scratch than it is to try to bend someone else's product to your will. On the other hand, I think there is still a big role for content management systems to play. Sure, the Washington Post needs to do tons of customization but do all of the smaller sites? It's probably a lot cheaper for places like Starnews to buy a packaged system than it is for them to hire a consulting firm to write a custom CMS for them. (Conflict of interest note: my company makes a lot of their money off of FutureTense implementations, although that's not what I do).