homing attack is fine, it just made its debut in some pretty poorly made games and thus is hated by association. When overused it can feel like sloppy design as well.
When it comes to sonic, I think simplicity is just always better. In Unleashed, Generations, and colors to an extent, there are just TOO MANY BUTTON COMMANDS. We've got stomp, homing attack, drift, slide, light speed dash, and boost! This kind of thing really hurts the accessibility of the franchise. People used to be able to just pick up and play sonic 1/2/3/k without much effort. It's the kind of thing I hope S4 brings back.