How much content should be on a homepage?

Matt's answer:
MATT CUTTS: Today’s question comes from Pete in the UK. Pete asks a very short and simple question. More or less content on a homepage? There is certainly a difference of opinion here. Well you can have too much. So I wouldn’t have a homepage that has 20 megabytes. That takes a long time to download and users who are on a dial-up, or a modem, slow connection, they’ll get angry at you. But in general, if you have more content on a homepage, there’s more text for Googlebot to find. So rather than just pictures, for example, if you have pictures plus captions, a little bit of textual information can really go a long way. If you look at my blog, I’ve had anywhere from five to ten posts on my main page at any given time. So I tend to veer towards a little more content when possible. Hope that helps.
by Matt Cutts - Google's Head of Search Quality Team