sort of depends on what you company does, how big it is, how many employees etc...
We currently have a really poor graphically designed intranet, however we only have 20 employees so nothing fancy is needed. Ours gives the people links to the places they need to visit. It doesnt do any more than that at the moment as it isnt required.
Also as a small company ours has very little updates put on to it so having an events and items which might require regular updates is not required.
I am currently in the process of designing a new site to give the employees a little something more than what we have, also to make it look more professional to new employees.
I would suggest first off working out exactly what you want on the site, what you want the employees to do on the site, how often do you want to put updates on the site and then look at the design