Personally, after making and running various websites for years, I think I have come to a conclusion that blogs are the best way to go.
Not using a content management system means that you have to manually update pages. While it may have some advantages, I find it just results in having old pages that rarely get updated.
Search engines love fresh content, and blogs give them that. Users love fresh content, and blogs give them that. The great thing about the blog is that if you use it as the entire site, your homepage is high-traffic and always fresh. Luckily, blogs also organize the content into categories. These categories are also fresh, since they list the posts from newest to oldest.
Additionally, blogs have the option to create single pages too.
What do you think?