The home page was intended to be an at-a-glance summary of what's new on the site. I suppose I was a bit selfish when Clint and I put it together, as it suits my needs perfectly.
I can see on one page if there's anything that needs checking or there's anything new on the forum.
A featured article box would probably be a better way of drawing people into the existing Wiki content. However, I do think the list of recent edits is useful as I can't be the only person who wants to be know if there's an edit or new content.
As far as re-hashing the Wiki goes, feel free. There are some existing conventions that it would be helpful to stick by (or rework if need be), but nothing can be broken beyond repair so tinker away.
The MediaWiki version we're running is a couple of minor revisions out of date, I must get around to updating it.