Homepage! The value of one is tremendous, especially with modern themes using JQuery sliders, excerpts, etc. Many readers don’t fully understand a blog, but they are familiar with web pages. If it looks foreign, it gets looked at less. If it looks familiar, it gets looked at more. Users will look at a homepage and see different categories, features, sections, etc., and see the organization easier. They can choose what they want to see and where they want to go. Typically, in a stream of blog posts, it’s choosing from a handful of visible articles. Sure, blog rolls, recents posts, and recent comments widgets are there, but much smaller than the blog articles. It makes it harder for new readers to engage. I suggest a homepage, ,but a clean, well-ordered homepage. My two cents.