The Home button stopped functioning on an iPhone 4 that is less than a year old. I fixed it because the poorly designed phone doesn't old up to normal use and Apple won't stand behind their products.
The repair went well. My wife is happy again.
Watch the Youtube video of this repair first to see what you are getting into. I purchased the recommended tools for this repair. The #00 screwdriver was not needed, don't buy one if you don't have one already. In fact, don't buy any of the drivers unless you need to, $6 each is too pricey for the quality that you receive.
Phillips #0 Screwdriver
Flathead 3/32" or 2.5 mm Screwdriver
P2 Pentalobe Screwdriver iPhone
iPhone 4 Home Button Assembly