The home button was a huge deal for me. If AT&T ended up dropping the home button I would have imported an international version.
The only one thing I miss from the iphone was the home button. On my samsung infuse I never know what way is up, the power button on Samsungs are in a terrible place (always hitting the volume rocker), dropped the phone a million time when holding it in one hand trying to get the thumb down to the capacitive button.
I was actually a little giddy when they announced it and they didn't get rid of the home button. Add the fact that the back button (my second most used) is to the right of the home button.
For those with smaller devices, a phone this size makes getting the thumb all the way accross the bottom of the device very difficult. Home button will help with that.