We forked from the core at 3.2 using the subportal module originally developed by Tom Mahoney / ezcam (Available on snowcovered). The module not only allowed us to skin at the portal alias level but also extended some of the core modules allowing for alias specific content. and subportal admins. (Limited to just the modules and content we designate)
ie. Sub Contacts, Sub html, Sub image, Sub faq's, Sub feedback, Sub registration. Relatively simple concept: Associate subportal ID to a portal alias and use the subportalid to identify the module content to be delivered. In effect we have global and subportal versions of modules. Global shows on all aliases and subportaled delivers content specific to a portal alias. Very fast and very slick application.
What this provided us was a managed content application engine that we utilized to build industry specific portal applications. ie. computer reseller store sites, branded affiliate sites. Each with their own look and feel but with professionally managed content.
Our fork allowed us to install multiple hosts in a single DB each with multiple portal applications and with branded sub sites in a single DB. We actually setup a proof of concept test site on a $10 / month wh4l account with a single DB running 5 DNN host installations each with 10 portal applications and 10,000 dynamically branded subportals. The performance was amazing since the framework was really only serving 50 optimized portals with managed content. There were some minor mods made to the core and admin through hosts - portals was painful (Portals and aliases have no paging.... try pulling 100,000 records ;). But it worked very well for us if the site is still up I'll post a link.
The current revision of the framework has changed dramatically and we are trying to update the engine for this style of functionality. Beyond portal alias skinning we need the ability to deliver alias specific content and allow for alias specific administration. This really should be part of the core framework... Look at Cafepress, Community Zero, myspace etc.
Fully Managed content applications is a huge value add that end users have no problem paying $$$ for especially when it reflects their brand!