something that hasn't been mentioned is that /home partition is usefull if the installation dies, pclinux is hard to kill, you need to do something wrong to kill it or have very bad luck doing a installation or creating new partitions
in the rare event of a total system crash, i can load livecd and copy all my /home folder files to another place and start from clean, in 6 years i haven't had to do this, never, that includes my old mandriva times!
there is two situations that are not that uncommon unfortunatelly, a accidental damage/deletion of the /home partition or the failure of the hard disk, on those situations it doesn't matter how you created partitions
this is why is so popular to have two hard disks, one for the os and another with your important files, many pclinux users have external hard disks with personal files, only connected when required
it looks like a extreme measure but is also the best measure to keep your personal files safe, one of the objectives to have a /home partition