Bear in mind the audience here. By no means are the forum users typical. We tend towards the power-user end of the scale.
The Home Page experience really boils down to "What is more common, and causes more user frustration?"
Scenario A: The user adds 5 or greater books to her device, probably using Calibre. Her current reads vanish from the home screen! Grumbling about the inconvenience she goes searching in the library for them.
Scenario B: The user buys a new book through the Kobo website and syncs his shiny new Glo. After the sync is complete he has to go through the Library menu to the "New Purchases" list, and grumbles about the inconvenience.
I would bet money that Scenario B would have far more irritated users then Scenario A does right now. For a typical user, I think the current method makes the most sense from a user convenience standpoint.