There's also AspireOS, which is more minimal, but contains the essentials that the nighly builds dont contain (browser, movie player, graphics/sound software, etc.).
For me its a better starting point as I like to do my OS customising myself, and AspireOS is better suited there (no need to strip back a bigger distro, but also dont need to start from "scratch" as a person would need to with a nightly build).
Now having said that if a person is new to AROS I might be a little more inclined to suggest Icaros for no reason than it being more respresentative of a fully customised/setup AROS system.