In my mockup their only one page, so I think the design is what matters.
Here is the workflow:
Guest clicks checkout -> Open cart goes to a page with two options: Sign in or Guest Checkout
Guest clicks Guest Checkout -> Goes to something like this: http://dev.complimedia.com/OnePageCheck ... nePage.jpg
If they are logged in the just go to the same checkout page with some data filled in (name, shipping address, etc...) and the last checkbox "create an account" would be gone.
They then continue and are transferred over to paypal.
Guest checkout page looks like this: http://dev.complimedia.com/OnePageCheck ... nePage.jpg
Another Idea I just had is the page needs the total amount near the bottom.
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