One of our number is currently having enormous fun in the world of commodity PC laptops; one's gone back (effectively DOA - the disk was bad) and he's currently installing his OS of choice onto the replacement.
I say that you should always have a separate /home partition[0] so that when you come to reinstall, you don't lose your settings and stuff. Sure, you should have backups, but who wants to depend on those?
The happy fun installer boy says not, and simply restores from backup every time he reinstalls.
For desktop-type boxes I don't believe in the extravagant partitioning schemes you'll see on the webarnet (you know: 10MB /boot, 100MB /, 2G /var, 500MB /tmp noexec, 1G /usr/local, etc etc etc). Servers require different treatment, but in this age of 200GB disks I don't think you should partition for space reasons but rather for security (noexec on /tmp being the canonical, perhaps a read-only /usr) ones.
But I still make a separate /home.
What does the IGM think?