Download Squad has written up the complete post-install checklist for WordPress 2.0.x blogs, and it covers things like disabling the visual rich editor, and permalinks. A great resource for beginners looking at getting WordPress running better than its “stock” configuration.
Now select the Permalinks tab. To help increase your search rankings, most SEO folks suggest that you change the permalinks structure. By default, your posts will appear as (or similar to) www.example.com/?p=1. The following Custom structure will have your pages appear similar to:
Custom structure: /%year%/%monthnum%/%postname%/
Read all their tips at Download Squad.
Note: Many of these tips should also work and be very helpful for new WordPress 2.1 users as well.