The Homestead is one of the few "fancy" restaurants in Homer (although fancy still means jeans and t-shirts.) They have a great, complex menu with a variety of dishes. All the food is super, especially anything that's fresh or local seafood. The atmosphere is nice - casual and friendly, but generally upscale feeling. The service is very good, although the pacing ebbs and flows with how busy they are.
If you are in Homer and looking for a relaxing "non-touristy" meal, this is the place for you.