Streamlined Distro w/o Sacrificing

I'm looking for a distro without the extra bloat but does not lack too much in features or looks. I'm liking Xubuntu because it should be easy to upgrade to newer versions. Or, should I look into an alternative window manager such as IceWM, Fluxbox, Blackbox, etc.? I'll be using it for general computing and maybe running games such as Enemy Territory: Quake Wars.