Home uses NTFS, too, and it does so by default on a clean install. It just doesn't have the Encrypting File System features. There are a lot of features in Group Policy Editor that even a home user could find very helpful. But the GPE does not come with Home Edition. I would say that the lack of GPE, lack of encryption, lack of ability to join a domain are the main points that an average home user might come to miss in Home Edition over Professional. Those are among the features that a former NT or Win2K user would certainly miss. But someone who's used to Win9X / WinME might never miss them.
- Collin