If you talk on the Internet about design people think at images, colour combinations and font faces. The Internet is one of the spare media where the rules of real (web) design are limited to the technique of browsers and the internet speed.
One of the latest design styles are defined together with the web 2.0 technologies, new colour combinations, shadows and simple graphics are the most important design characteristics of web 2.0.
In the eyes of a web developer (like me) design must be practical, technical possible and easy to extend or modify. The usage of basic technologies like CSS is more important then animations and effects coming with Flash. At the end a design must be enjoyable to the maximum number of visitors…
Well, what really matters is if its organized and clean, visitors are never interested in the design, they are usually there for the content

And there isn’t a SE that rate designs so they don’t need to care about it
@Thiago,
yes right, a custom “design” is good some people adn for some people not ;).
But I think that visitors will aquit a bad styled website very soon…
Optimisation is most definately the key these days - flash and animation should only be used sparingly! That being said the amount of crappy websites that want a literal all dancing and singing (yes with irritating midi sound) website and actually still think it looks (and sounds) good to include such tacky features unfortunately are yet to filter through. Some designers and companies still use the old table based layout techniques instead of html/css for the development of their sites!