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This plugin no longer supported by the developer.

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The WPMU Site-Wide Latest plugin provides two widgets for your site. The first, labeled “Newest Post,” creates an 80-word teaser of the single most recently published blog post on any public blog across the entire site. The second, called “Recent Posts,” creates a list of the most recently updated blogs with their most recent posts, one post per blog. Both plugins provide a vehicle for those using the standard Gravatar plugin to obtain and display the Gravatar of the post author in each case.

The teaser widget takes the post title as the title of the widget, whereas the listing widget allows you to set your own title. Both allow you to ignore blogs, if you wish. The list widget also allows you to specify how many blogs you want to display and an offset. This is in case you use both together, that way the most recent comment is in the “Newest Post” widget and the next most recent begins the list in the “Recent Posts” widget.

The plugin also uses the WP-Cache, and both widgets allow you to set a time-out.

WP-Functions Used in This Plugin:

switch_to_blog()
restore_blog()
wp_cache_set()
wp_cache_get()
get_permalink()

Installation:

Unzip, upload (to either /mu-plugins or /plugins, your preference), activate and configure. Simple as that!