When designing my homepage, I feel like the common knowledge is that it is bad to just have one big picture in the center that gives all of the content. The "right" way to do it would be to chop up the large layed out image into several small backgrounds and make the text use standard html with css background images for layout.
Is the only reason one big image is bad SEO reasons?
There are a few reasons :-)
Also important:
You can still use one large image as background. How the text is layed out above that is another matter entirely. In fact, chopping up the image and piecing the pieces together is painful using CSS too. In my experience it's best and easiest to leave background images unchopped and instead composite the rest of the layout above them, using other images or backgrounds if needed. This gives you a little more flexibility when changing a layout again, too.