What’s great about openbox:

• it’s fast
• it’s based on blackbox (but has been completely rewritten) and has a dock
• it’s standards compliant
• chainable key bindings
• pipe menus, menu elements that are dynamically generated through small scripts
• nice tools like ObConf and ObMenu

I like a minimal configuration, my main workspace has just two terminals:

The transparent task bar at the bottom is tint2. The 0.7 version has an integrated systray which is nice, however the debian package is slightly outated. If your version doesn’t support the systray download the source from the tint2 page. My version oddly had a binary included in the src/ folder. If you need to compile yourself, apt-get build-dep tint2, go to the src/ folder, type make and copy the binary to some place that’s in your $PATH.

The openbox wiki seems to have all the documentation that’s necessary, like per application window settings.