You'll find a link in post 7 (next to the sdb1 partition entry) explaining the 1MB Grub partition in detail (including step-by-step instructions on setting one up). The real beauty of the Grub partition (and why I'll be using one) is that if you install multiple Linux distros on one drive, that little partition allows their bootloaders to all play nicely and you can have a single menu allowing you to choose which distro to boot into. You can't do that with a separate /boot partition, since that holds your Linux kernel, and these are often very different between distros.
I'm basically future-proofing for when I feel brave enough to give Arch Linux a shot - if it all goes pear-shaped, I can always just boot into my main distro!
As for the /home issue, for dual booters, having a separate, large /home partition to store your personal data is actually not a good solution, as you won't be able to access it on a second non-Linux OS (Windows 7 in my case). Therefore I store all my data on my 1TB drive and (to put it simplisticly) point all my visible /home folders in Linux to this separate drive. As that drive is NTFS, I can sync all my data between both Windows and Linux. The beauty of this is that I could actually install a (theoretically) infinite number of Linux distros on the same machine, and they could each access this same batch of data. Hence no need for a separate /home partition. Since a /home partition contains a lot of hidden config files, you wouldn't be able to (necessarily) share one /home partition between multiple Linux distros, either.
Again, you will see in post #7 that I updated my configuration and that it no longer has a /boot partition, having replaced it with a Grub one.@9littlebees
I would skip the /boot partition, there really is no need to have this separate nowadays.
In my setup I have partitions for / and /home on the SSD so that I get the speed advantage that this entails, my home directory only contains the hidden application configuration files, all of the other folders (Music, Pictures, Videos etc) are just symlinks to the actual data directories on the shared NTFS partition on my mechanical drive.
Anyway, if there was some form of rep system on these forums, you'd be getting some in bulk!!