One problem with the web as a communication channel is that it has created an expectation of constant change. This is especially true for websites targeting a late-teen, early-adult audience. How do you meet that expectation without creating a huge maintenance burden for your staff?
The Vassar admissions website, designed by Nesnadny & Schwartz and written by Julia Van Develder, is a jazzy solution. The simple animation on homepage, the active images, and the wealth of links (96 links on that page alone) create the sensation of real-time change, even though the page is actually fairly static and easy to maintain.
At the same time, the basic information that every admissions webpage must have (visiting, applying, financial aid, etc.) is prominent and easily navigated.