Albert Einstein once had a picture hanging on his wall at Princeton that read:
"Not everything that can be counted counts, and not everything that counts can be counted."
He was a smart cookie and often referred to it...and it definitely rings true for web analytics.
In many cases homepages are either relatively static, or promotional driven. The problem is that homepages are often still the starting point of a users journey on the site and not every user should see the same content.
Enter Omniture Test and Target. A very powerful application that can dynamically change content based on previous user behaviors. Content relevance yields greater conversion, so it makes a lot of sense to include it in your overall online strategy.