That's a hard one to answer as it depends on what you want the customer/visitor journey to be.
My view is that where the navigation has 2/3 sub-categories, go for a static page with a master navigation.
Eg. Digital Cameras > Compact Cameras > Sony Cameras
If the navigation is more shallow, get them to the page asap.
The front page is not always the first thing people see. In fact, in my experience it's usually significantly less than half. The home page can therefore be used as a starting point after people have read the page they came in from.
You asked from an
seo perspective. In my opinion, it doesn't matter either way if your site is about the same subject. What I mean is that if it's a football site all the posts will be about football and so either option will give Google info about football each time the bots come to visit.
If the site is about Sport, it may matter more.
Lots of ramblings here as you don't give too much info. Happy to help via PM.