It all depends on how much effort you want to put into setting up the front-end design, the features/modules, and how user friendly the back-end is.
Try to avoid the PHP-Nuke/Post-Nuke series and variants. Definitely not very clean and unfortunately is mostly a collection of hacks. Granted I have dozens of sites running it that are running great, it was a real PITA to customize. (This also is from using it about 2-3 years ago, maybe they revamped)
Joomla/Mambo is pretty cool. Very Web 2.0 and has a decent community creating all sorts of modules for it. Developing modules is a little rough, at least 2-3 years ago when I worked in it. Cool deployment system and installation system for modules. Lots of companies provide templates you can download (some free) and customize, a real time saver.
If your looking to do something fully custom, then you need a PHP framework. I've been working with CI and absolutely love it. Great forums community as well, though you won't find too many download and install modules to get a CMS going, yes there's a few user authentication libraries and such, but honestly that is about it. Some great screencasts on setting up a blog and page manager which will certainly get you a step in the right direction.
Can't vouch for Zend Framework or Cake PHP, both have their merits and communities, but when I did my research CI at the time fit my development style perfectly.
Don't forget to check the licensing for the cms and frameworks you download. Just because it is free/open source, doesn't mean you can charge for it...