I've been making Android themes for a couple of years now, and have been uploading guides on how to make them for about a year now. I have a blog dedicated specifically to my Android themes, I thought I'd share it here since I actually visit this forum on a daily basis.
My Android themes site: Droid Creations: http://droidcreations.tumblr.com/
Here's some of them:
NOTE: if you want to recreate the themes, just follow their guides but you might have to change size and position of certain widget variables depending on the phone and/or resolution.
Evil Bastard (Galaxy Nexus)
Full setup: http://droidcreations.tumblr.com/post/50521307621/theme-evil-bastard
Carbon II (Galaxy Nexus)
Full setup: http://droidcreations.tumblr.com/post/49381238966/theme-carbon-ii
My Eyes Hurt! (Galaxy Nexus) NOTE: root required and a ROM with a Theme Engine built in.
Full setup: http://droidcreations.tumblr.com/post/50186110772/theme-my-eyes-hurt
Android Times (Nexus 7) NOTE: I'm currently updating this theme to make it easier for people to recreate it and adding 2 more "pages".
Full setup: http://droidcreations.tumblr.com/post/51252137351/theme-android-times
WinDroid (Galaxy Nexus)
Full setup: http://droidcreations.tumblr.com/post/48045918621/theme-windroid
Memories (Nexus 7) NOTE: I've also made a pack of wallpapers of this theme for different devices and resolutions.
Full setup: http://droidcreations.tumblr.com/post/45874215952/theme-memories
Coco (Galaxy Nexus)
Full setup: http://droidcreations.tumblr.com/post/43517515709/theme-coco
That's just a few of my themes just to give you an idea of what I do. I mostly use a combo of wallpapers, custom icons, and widget makers like Zooper Widgets or UCCW. Though lately I've been using Zooper almost exclusively.
I'd appreciate any thoughts on the themes or the site.