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This often has given me lots of headaches, how to setup front page for each language. There are several ways, depending on your site configuration chooses one.

1.This way you do it with "path" module and different nodes with same Alias.
http://drupal-translation.com/content/setting-front-page-language

2.With multilanguage variables like it's described here
http://drupal.org/node/313272

3.With views, just add a view page and put filter on it to select current users language
"Node translation: Language = Current user’s language" and add that view on site information page as home.

I always wanted to tried this, finally I got a client who was willing to do this for his site.

So I added 3 domains to drupal site. Then i selected "Domain name only" as the Language negotiation options and then inputed domains for each language in language configuration, pretty easy. Then comes the server part, with VPS this is not a problem, I edited my site file (virtual host file) which is in etc/apache2/sites-avaialble
and added

ServerName www.yourdomain.com
ServerAlias www.yourdomain.com
ServerAlias www.french-yourdomain.fr
ServerAlias www.german-yourdomain.de