So there has been a good discussion going on at monome.org (Click to link to it) and head way has been made with the design.
Right now I’m thinking this is pretty close to the final design if not. The usb can be used with either the small 24 socket compatible unit from FTDI (makers of the USB to serial chip) or directly with the SMD chip and a mini connector. This makes the board happy for beginners who want to solder all though hole components or those more comfortable with SMD. The advantage to the SMD chip is the final board can be very thin, about .25″.
Also all the pins of the atmega168 chip are broken out so all the I/O can be used for other input (knobs, sliders, lights, etc.)
There are 6 Analog input pins and 4 Digital I/O, 2 of which are PWM capable.
Also I’d like to thank everyone over at monome.org who has donated, supported and gave ideas to the design of the board, you’ve helped shape a project that will hopefully be use by many more to come.
Here is an image of the latest revision, do remember this is 2.575″x2.25″ so it’s quite small also.

Logic board for Arduinome