Home Page 1 offers a main feature area that allows for custom HTML content and a full-width banner image or rotating banners with calls-to-action via the Slideshow web part (see best practices).
Below the main feature area, three web part columns allow for diverse content such as featured content displayed via a Panel Object in an HTML web part, Localist events, or a call to action
Home Page Layouts are only to be used on the home page of a site, not on any interior pages.
Here is an example of Home Page 1 in edit mode:
Here is an example of Home Page 1 viewed as a site visitor: