I've improved ah_recent_posts_mu.php so that it doesn't show recent posts from nonpublic blogs, nor spam/archived/mature/deleted blog posts, and so that actual permalinks are used (ie the guid is NOT used, but rather the proper function in wpmu-functions.php). Please see http://wiki.evernex.com/index.php?title=Wordpress_MU_sitewide_recent_posts_plugin
looks good...I think it would be useful if it also got post content as well as I've noticed a few threads asking about that.
Yeah, it could stand some improvement still. I need to dig through wpmu-functions.php and see what kind of goodies I get for free that will allow me to clean it up and improve it with a minimum of work ;)
I've got a similar update to that original plugin, with much the same functionality as yours. I also managed to get gravatars working, which was tricky because both wp_users and wp_posts have the same column header "ID" even though they refer to different things. Take a look at my plugin, including screenshot, at WPMUDEV here:
http://wpmudevorg.wordpress.com/project/AHP-Recent-Posts-for-WPMU
oh and I do have an excerpt from post_content, you can configure th enumber of words (default 30). the source code is also at pastebin, see:
http://azizhp.pastebin.com/f55bf34b0
so patches/suggestoins are most welcome (pastebin makes it easy to collaborate).