Short and simple, here's how I recently set up my iPhone homescreen. It works, it's really clean, an believe or not makes my favorite apps really quickly accessible. In the top left, I have a folder of my most used apps, and in the dock I've kept only three apps. There's something about the one missing app (which for me would be the iPod) that makes the dock seem even more essential and cleaner. It's like clearing that worthless paperweight off your desk that would unnecessarily be taking up precious, limited space. So goodbye, iPod. You're always just a double-click of the home button away. Or right there in my "most used" folder. And of course all my other miscellaneous stuff is one page over and filed away in folders.
Take a look for yourself and see if this setup would work well for you too.