Hompage must-haves

Research in website design, as narrated by Phil Greenspun has shown that any home page should offer three features:

1. a navigation directory to the rest of the site
   
2. news
   
3. search
   

For me that's three out of three, now ;-) Also you should ensure that interior navigation answers the following questions:
Where am I? (breadcrumbs) Where have I been? (moot point, back button) Where can I go? (links in standard colors).
You should include a logo or site name in the upper left-hand corner of each interior page, linked to the site home page, too, so users can know if they are still on your page. Check your links, to make sure they are still alive. Linklint is a good option.