//  최신글 시작
echo "<table width=100% cellpadding=0 cellspacing=0 align=center>";

$sql = " select * from $cfg[table_board] where gr_id = 'yes' order by bo_table ";
$result = sql_query($sql);
for ($i=0; $row=mysql_fetch_array($result); $i++) {
if($i == 2) { $i = $tdcount; echo "<TR>"; }

 &nbsp; &nbsp; &nbsp; &nbsp;echo "<td width='50%' valign=top align=left>";
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;latest('', $row[bo_table], 5, 25);
 &nbsp; &nbsp; &nbsp; &nbsp;echo "&nbsp;</td>";

if($i == 2) { $i = $tdcount; echo "</TR>"; }

}
$i--;
// &nbsp;최신글 끝
echo "</table>";


/****************************************************
* &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 약간 설명을 첨가하면........ &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; *
****************************************************/

if($i == 2) { $i = $tdcount; echo "<TR>"; } <====여기에서 $i=2개 뽑은 후에 <tr>를 출력하라...... 라는 뜻이 되죠......
그러므로 2면.......
<td></td><td></td>
3면.........
<td></td><td></td><td></td>