How to create a view of the most recent node for each texonomy term?

I'd like to create a view that shows one (the most recent) node for each term in a taxonomy - basically a group by taxonomy term that limits to the first member of each group.

Right now I'm heading down the path of created a view of terms and then in the views-view-field.tpl.php for the tid calling an embedded view to find the last node that matches that term. It's a hack and I don't really like it for a whole bunch of reasons. Is there a better way that I'm missing?