There have been some classic, memorable Homecoming games in the KF era (Purdue '02, Michigan '03, Michigan '09), but more often than not it's just another game in the grand scheme of the football season.
Maryland became the Homecoming game by default this year, being the only October home game, but it fits the model rather well. For the most part the school chooses a game for their homecoming that you'd expect to have nice weather (early Oct is ideal), expect to win (want alumni having a good experience) and is not expected to be a hot ticket, as the game will automatically be at least a near-sellout simply from demand of various alumni organizations. If you look at Iowa's homecoming history, you'll find a lot of games against Indiana, Illinois and Northwestern.
While I personally enjoy Homecoming festivities every year, it's understandable that it's not a big topic of conversation on a message board like this, where a vast majority are only interested in the game itself.