Homelands sucked. Homelands really sucked. So, for two mana, you get: a card with four counters on it that has an incredibly expensive ability to remove a counter to give a tiny (albeit permanent) toughness buff. Here are example s of better cards that require creatures to tap: Arachnus Spider (despite requiring it to be a spider and only grabbing a specific card), Bramblesnap (despite only giving a +1/+1 bonus to itself), Nullmage Shepard (despite needing four creatures), and Unerring Sling (despite only allowing one creature to fight an attacking or blocking creature with flying for 3 mana once per turn). Oh wait, you can put counters back on it for the low, low price of sacrificing an Island? Yeah, how about no. In all fairness, the +0/+1 is permanent and it is rechargeable, but it's just been so outclassed almost immediately in subsequent sets. What was with old blue Magic cards needing to sacrifice Islands?
Pros: Gives a toughness boost
Cons: Limited number of uses, requires mana and untapped blue creatures to activate, requires land sack to recharge