Gentoo 1.4 is available now...
Gentoo websiteincluding GRP, a Reference System set of binaries.
You can get CDs optimised for your particular CPU.
What this means is now rather than installing over the net and waiting for things to compile (XFree, Mozilla, KDE, Gnome - eeek!) you can go through an install and use the precompiled binaries for your system.
The install is not necessarily "difficult", just long-winded, the install docs under "User Docs" above are very good, if you follow these you'll have a working system. There is even a script now to make kernels for you called "genkernel". Once you have the basic system set up, follow the "Desktop Installation" doc for setting up a GUI system.
I've just installed A Gentoo system again (optimised for Athlon-XP), and it is well worth it, very nippy indeed.