Posts: 252
Name: Michael
Location: Cincinnati Ohio
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Yes, content definitely matters for seo. Exactly how much you should have on your homepage is not an easy question though. I definitely would not get rid of all of the text on your homepage. But it may depend on how much quality content you have on your site as a whole.
If you go to the Webmaster Central Help Forum you will find several threads about sites hit by the Panda update. One common theme I did see was about the ratio of quality content, to that of junk content. By junk content, I mean ad blocks, fake testimonials, link lists, auto generated content, and yes, possibly pictures.
I couldn't find this particular thread right now, but one penalized site had a fair amount of content on the homepage...sort of. But most of the interior pages consisted of 2 large Adsense blocks, a nice looking picture, and about a 30 word description. It was a site about women's hairstyles, so you would expect pictures. But the only above the fold content was an Adsense block.
I would err on the side of caution, and consider how much quality content you have on your site, and how is it presented to visitors.
Good luck.
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