I agree with Adrian that having easy and intuitive navigation is more important, because because many visitors won't enter your site through the home page. A lot of hits from search engines and links will go directly to post pages, bypassing the home page.
However, when a site has one page (or more) which summarizes and categorizes the best articles and resources, I, as a reader, find it very helpful. It doesn't have to be a home page; it should be easy to find. This is especially true for the mature and content-rich blogs, where you can be easily lost without guidance.
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