Here's my list, compiled over many years and many dozens of installations (warning: I'm a bit of a minimalist):
xp pro customization guide
--------------------------
---prior to install process
security - disconnect network cable
---during install process
time format - HH:mm:ss
name - "user"
security - pick strong administrator password
---immediately after install
display - load video drivers if needed and set resolution
network - load network drivers if needed
accounts - create account "user" with admin priviledges and a strong password. use this account for all further activity
---security center
firewall - turn off remote assistance exception
firewall - turn on firewall
automatic updates - notify
alerts - none
network - connect network cable
activation - activate windows if necessary
If a virtual machine, snapshot at this point
updates - open windowsupdate.microsoft.com in internet explorer and install any needed updates. choose wisely...
--- folder view options
add status bar to explorer
single-click to run, underline on point
no simple-folder view
yes display system folders
no cache thumbnails
yes show hidden
no hide extensions
no hide OS files
no remember folder view options
yes control panel in my computer
no simple file sharing
associate .rtf with wordpad (lowest common denominator principle)
---start menu/taskbar options
unlock
don't group
show quicklaunch
don't hide inactive
small icons
0 programs, clear list
set all optional items to "do not show" on start menu
don't highlight new programs
don't list recent documents, clear list
explore user and all users and delete useless crap
---control panel
switch to classic view
---sound
no sound scheme
add microphone to volume control and mute it
set master volume
---accessibility
turn off all shortcuts
add/remove windows components to taste
---vm only
turn off system restore
set visual effects to minimum
---display
change background (black)
no screen saver
no power management
---network drives
map and rename, remember login
---pagefile
set to good size on good drive (find rules for this somewhere)
---system restore
turn off system restore on non-system drives
system-advanced disable error reporting
---display properties
change recycle bin icon to make it invisible
do not run desktop cleanup wizard
change calc to scientific mode
set cmd.exe window width and buffer
---apps
vmware workstation (disables autorun)
cmd(here) registry hack
recycle bin omega registry hack
tortoisesvn
firefox
office
vlc media player
greasemonkey
printer drivers
notepad++ (associate .txt, .log, .sql with this)
---firefox config
small icons
browser.tabs.closebuttons 3
browser.urlbar.hidegobutton true
network.prefetch-next false
browser.tabs.tabminwidth 0
browser.tabs.autohide false
disable cookies (need list of cookie exception sites)
always clear private data, don't ask
no bookmarks bar
---quick launch
delete stuff, add stuff as desired
---
enable remote desktop
clear desktop icons entirely