Sometimes I like the sites that just show one post on their front page. But, I don’t like it at all when they make it tricky to find more recent content. I want to see the post before the current post and I don’t want to dig for it. I don’t want to figure out your theory of web navigation.
I also don’t want to click an archive link cause I’m not looking for what you wrote in 2006 just what you wrote yesterday, or last week, depending on how often you update.
So, if you have just one post on your main page make sure it is very easy to hit one link and read several of your recent posts, not an archive which should be another link separate from the current work you are doing.