homepage

home_page is too conservative, ugly and requires more time typing. "home page" is also 2.15 times less popular that "homepage" spelling http://www.google.com/trends/?q=%22home+page%22,+%22homepage%22
Writing setup.cfg files for humans should be simple and intuitive without too much referencing to official docs. Perhaps it is possible to support both home_page and homepage with the latter being the preferred syntax.

While I kind of agree with you, this field is proposed by the PEP 345 
and had been approved as it is. It seems probably better to stick with 
what's defined there mainly because any change to the PEP is a heavy 
process and we won't have time to go trough it before the 3.3 release.
(See http://www.python.org/dev/peps/pep-0345/#home-page-optional)

Sorry, Alexis is right. The fields in setup.cfg directly come from the PEP. Tarek insisted on that. We’ve only added some fields, like description-file, but never changed the names.

1. Why not to add aliases?
2. Why not to postpone it to 3.4?
3. Why PEP change is a heavy process? Can we lighten it? (where is the description is PEP change process at all)

I don’t believe aliases would help, on the contrary. There already are a good number of fields to remember. Anyway I expect people to use "pysetup create" or copy-pasting, so the spelling is not important: nobody will really have to remember it. I have no personal opinion on "home page" vs. "homepage", so I just accept what the PEP decided.
Postponing to 3.4 has no value. The reasons for rejecting this will still apply. Please keep this closed.
See PEP 1 for the PEP process. See the month-long discussions on distutils-sig and python-dev two years ago on the packaging PEPs to see how long it can be.