Tech Wench has created a great cheat sheet with the bare minimum of what you need to know in order to create a new wordpress theme. Thanks, tech wench.

Speaking of WordPress themes, I’ve been updating my comprehensive list of wordpress 1.5 themes and it now links to a whopping 330+ wordpress themes!! Theme designers in the wp community have been busy - and we thank you for your efforts and generousity!

Update: the theme list is now 695+ themes and growing!