Simon Willison has a post that weighs the advantages of static versus dynamic pages rendered by a CMS. He notes:
The most widespread example of a static publishing system I’ve seen is Moveable Type, which rebuilds static files for a site each time a weblog entry is added or modified – although it can be configured to serve content dynamically instead.
I currently am playing with TikiWiki, an Open Source CMS that, I believe, assembles “pages ‘on the fly’ as and when they are requested” using Smarty.
Something else to consider when shopping for the best choice in content management!