I see a Display Options section at the bottom of the page. It defaults to Thread Subject - descending, which seems to give you threads sorted by thread title in reverse alphabetical order. If I switch it to sorting by Last post time - descending, I see the most recent post at the top, as you expect.
Maybe, Mark, you can change the settings so that the default sort order is Last post time - descending, since that's what people seem to expect? Reverse alphabetical order by subject doesn't seem all that useful, anyway :-)
