Elegance is a classy free WordPress theme from PowerTheme. It comes with the PSD source files to edit graphics. There’s a cool ajax text loader at the top and other effects.
Demo: http://www.powertheme.com/demo/elegance/
Download: http://www.powertheme.com/downloads/elegance.zip
Link/Release Page: http://www.powertheme.com/themes/elegance/