Home and limit are different things. Home is an absolute reference for the machine and limits are just that. Some use the home switch as one of the axis limits but I do not think that's such a great idea - I guess it depends on the individual.
That does seem a little steep for home and limit switches.
But yes - they are needed. You can get by without them but this is not a good idea. Things go wrong and the limit switches can prevent damage to your spanking new machine.
Scott
Consistency is a good thing....unless you're consistently an idiot.