I always just click new posts as that tells me everything that has happened since I was last on.
I never have PM's so I don't have to worry about that section.
1. Check PMs - decide to answer then or later.
2. Check shoutbox.
3. Check subscribed threads for new replies.
4. View new posts.
5. View today's threads.
I check the new posts. Problem is, after not being on for a month or two, there's a lot of them! I usually look through about 10 pages, opening around 15-25 topics. Then I read and reply