A fine idea indeed.However I would suggest it be an optional feature for those players who want it. A bit like the option to have the command at all. PVP tends to be consensual, ergo: both parties will fight to the end anyway without anyone bailing out prematurely. The /home command also can protect players from being ambushed by trolls too and being robbed of all their goodies.
I personally like the idea of having a safety net, in case of any mishaps since I tend to gather resources in big numbers a I prepare for a build. If I was to be ambushed and consequently lost all my progress/cool enchanted goods, I might loose motivation to build, which is something I do not want. Inspiration to build is hard to come by for some people and for that inspiration to be squashed seems to be a shame.
I play Minecraft predominantly to build ideas in my head, building is what I enjoy the most and the /home command makes me feel safer whilst gathering the resources I need for my future projects.
...Just my POV though.