this is so funny, I was JUST going back and forth with my team about this this week ona project we're working on. They agreed that the logo should link back to home - I think everyone responding is in agreement on that - but I think the question really should be "Do we still need to include a home button in the nav?" They didn't want a home nav button, and I had put one in there.
I almost always do, just because I feel that unless you're cramped for nav space, there's no reason not to. I wouldn't normally fight for it, but in this particular case, although one user set will be young and tech savvy, there is another, less-savvy group that could potentially be using the site to buy that younger, tech-savvy group the prodct as a gift. Making gifting easy was a core business requirement, so they clearly acknowledge that there will be many visitors to the site that are not actually going to be the product's end-user, but they overruled me and the home button was removed from the nav.
I haven't been able to find anything definitive in terms of standards one way or the other - I guess I just always include a home button out of habit, or out of concern for the older generation that doesn't always pick up interface designs that have become unofficial standards over time. I'm really curious to see if there is any hard data on this. I don't want to be designing UI's a particular way simply because it's a habit, but on the other hand I feel that hiding something as important as your homepage through obscure navigation doesn't seem wise.