i know on my storm there was a similar setting - "global" vs "1xEV"
since the Storm was a "global" phone, it would search for GSM networks when on the global setting. since this was not needed, you could turn it off (select just 1xEV) and it would save a ton of battery life.
will selecting Home on the Incredible reduce your coverage options? would it really save that much battery life?
Thanks