Many have had some luck spraying a bit of WD40 on the 'home' button to get it working smoothly again.
I agree, however, that the home buttons on iPhones (and I assume iPod Touches and iPads) wear out too quickly. My 3Gs's home button was getting pretty bad after two years of use, even with lubrication, though I will admit to having gotten a fair amount of sand and possibly a bit of seawater in it, and having disassembled and reassembled it several times, so that may not have helped things.
I agree, however, that the home buttons on iPhones (and I assume iPod Touches and iPads) wear out too quickly. My 3Gs's home button was getting pretty bad after two years of use, even with lubrication, though I will admit to having gotten a fair amount of sand and possibly a bit of seawater in it, and having disassembled and reassembled it several times, so that may not have helped things.