Another possibility is to use the latest generation AC servos with multi-turn absolute encoders.
For example DMM have introduced a new encoder, a 32 bit absolute, arranged as 16 bits (65536) turns from home and 16 bits
(1/65536 th) within that one turn. These positions are battery backed so that if you turn your machine off and come back later and turn
it on it remembers where it was and can start from there without having to do the whole home/reference thing. Very nice but probably
an expensive way to get out of homing your machine. Is it really that painful/slow/arduous?