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Home eliminates some of the tools that allow you to have better administration over your computer. Home only has "Simple File Sharing" (which is terrible,) while Pro has the ability to turn it off and use the Sharing and Security dialoge that Windows 2000 uses. I like the Windows 2000 sharing method, since it is a lot more customizable in sharing than Simple File Sharing.
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If by "terrible" you mean "Actually works". Other than the obvious "I can't access anything in Program Files or Windows", I've NEVER once had an issue with XP Home File Sharing. Share a Directory, people can access it, done. XP Pro, I STILL can't get public access to any of my directories - I can give full permissions to whatever group you want - Anonymous, "Everyone", etc. - and it still needs my username and password to access the share. And it's not an isolated issue - at LAN parties my Linux boxes running Samba and the XP Home people are more often than not the only ones who successfully get shares up.
There's nowhere I can't reach.