So I just installed Movable Type to try it out, and so far I like what I see.
The whole experience feels a lot more 'professional' than Wordpress, though it's hard to point out exactly why. Maybe it's knowing that there's a commercial company behind it, and it uses the same software to run thousands of blogs that people pay a good amount of cash for.
The main website seems very well organized, and the software supports building multiple blogs.
The only really annoying thing so far that it is relatively slow. It builds a lot of static data out of each change, so 'refreshing' your blog can take a while. Maybe it just means that dreamhost is slow.