When I create a website home page I use it as a mapping tool. It should have just enough information to tell you what the page is about with links to other pages of the site for more information.
With so many pages indexed by search engines it stands to reason that any page can become the landing page and my projects are designed with that in mind. So to a degree the home page, while still important, caries much less weight alone than all the other pages as a whole.
Occasionally when I submit a home page design a client will approve it based on their idea that the visitor will see all the information fit within their screen. It's not until it becomes a web page that they realize this isn't necessarily the case and we have to have a conversation about the fold.