No, there's still no option regarding the creation of your own theme, so if that's what you were hoping for, just drop it. Not yet at least.
To make up for that stupid option which is very important to many, they rolled out a new gadget, the "Custom iGoogle Skins" online, that lets you choose between
more than 70 user created themes or create a custom theme. And so on and yada-yada, that's not what's really that interesting, it's just plain and dull, exactly what any gadget should be doing unless it has a death wish and a one-way ticket to Forgetland.
What is neat is the feature added by the update to the latest version that adds rules for displaying themes: one for when it's raining, another on a certain day of the week, a third after a specific hour or a fourth if your IP matches a certain value. This comes on top of the fact that Google's themes were already rule-based, but the transition between them couldn't have been done automatically. How about the possibility to change your theme depending on the mood you have at a particular time or on the Google Talk status, the Google Calendar agenda? I think it really would be worth it, but somebody has to do the hard work and implement the optimizations to make it possible.
Unfortunately for some of us that are a tad lazy, you actually have to add the gadget to every single tab if you want to have a custom theme.
I am waiting for the possibility to change the theme depending on the result of my favorite team or the results of the elections or any other piece of news I might find of interest at that time, but I think it's going to be pretty much to ask for; no gadget can read the news and then discern a 1 or a 0 out of it for the theme changing part.