My wife and I spent one night at the Homestead in February 2014. We went to the resort primarily for skiing, and it was a terrific place to spend a night away.
The main bar area is a good place to have a drink/appetizers/lunch. We had dinner at Sam Sneads, which was very crowded and somewhat disappointing.
The breakfast buffet was hands-down the best I've ever had. This includes various buffets at Four Seasons around the world and, closer to home, the Greenbrier.
Living in Virginia, for us the debate has always been Greenbrier vs. Homestead. I always wondered why anyone would go to the Homestead, when you could go to the Greenbrier and take advantage of the casino. Although the casino is a big draw at the Greenbrier, I liked the Homestead better. It's less pretentious, better value, and the food is about the same (I think the food at the Greenbrier is overrated). So unless you're going to gamble, consider the Homestead as a better alternative, especially if you ski.
There is a quick, easy shuttle from the lobby to the Homestead ski area, which is less than 3 minutes away. We went early on a Saturday morning, and it didn't get crowded until around 10:30. The ski area is great for beginners like me (and really good for small kids just learning to ski), but my wife still enjoyed the skiing for the more accomplished skier.
The heated outdoor pool was a lot of fun as well.
FYI, the hotel has very good perks as part of the Amex FHR program, which is another reason I put it a notch ahead of the Greenbrier.