Upon rereading my own text, my closing (or rather after-the-introduction) is very weak. The point that I meant to make is that homenoding, while defending against things that simply aren't of good enough quality to be on the homepage, produces an unfair rep difference between homepage and non-homepage nodes, and makes the homepage staler. (And thus makes the community seem less active.) I have very little against hidden reps and the moderation system (plenty of eyeballs for that one).
Just Another Perl whatever-the-f-I-am-now