I know we have quite a few customers who do this... from my background as a huge game/web nerd and having engaged in a ton of communities, I think this is a best practice... to highlight user relevant content, or timely (recent, posts this month, etc.) or most popular content on home pages really highlights that this site is a community. Candidly, we're working towards a better model of this ourselves.. anyone implementing or managing (or with influence over the decisions managing) communities needs to remember to balance marketing, support, and actual community content.
At the end of the day, communities are made up of and thrive because of people - not content. All content, no activity sounds like some different tools that many of us are familiar with from enterprise experience.
My .02? I think you guys at TMO do a pretty dang good job... (e.g. here) -- with the amount of content you guys have to have, its going to be extremely difficult to highlight some content vs others. You could look at highlighting community guidelines, or something other than just FAQ/most common docs... e.g., a "I'm new to the community, what do I do here?" doc, or "New? Introduce yourself!" discussion... (e.g. here, thanks Gia) but I think that can get pretty specific to each community really quickly.
Food for thought?