How to create a view that lists one post per user
The solution was to use Rules and Views bulk operations (VBO) to change the 'promoted to front page' property of that users blog posts when they submit a new post. The triggered rule simply removes 'promoted to front page' from all their posts and then adds it back to the newly submitted node. Thus, each user will only have a single blog post with this property, which makes the blog homepage easy as you simply create a view sorted by date and filtered with the 'promoted to front page' property. Johan Falk has done some excellent tutorials on using rules and VBO. Well worth a watch.