Sync is very useful and should become even better when the new Profile Management System lands.
However, there's still a few things that could be worked on. Real-life example: I have 2 PCs, one I use daily and one I use once in a while. Sync normally allows me to keep my bookmarks (among other stuff) up-to-date across both. But, if I log in to the first and apply changes to my bookmarks (say I delete some bookmarks), when I log in on the second a few days latter, sync merges the bookmarks across the two devices bringing back the bookmarks I had deleted. Something similar happens with Homepage.
The way I see it, Sync needs to be more like git and could use at least a few options:
Functionality (3-5) could be exposed to the user as an option per-profile with some default parameters.