We have our Home screen set to Categories, so that newbies and occasional visitors are aware of the structure and content on offer (it’s important for drawing in new members to our organisation). However, “core” users are already used to how things are laid out and would rather see the Latest stream.
The interface would be a simple dropdown in User Preferences, containing the items from the Top Menu (as set in admin).
This could further be controlled by an “Allow users to set home screen” tickbox underneath the Top Menu options in admin.
(Yes, I know “bookmarks” is an answer, but this isn’t great for mobile or logging in from a new device, and it’s always easy to hit the site logo.)