[singlow]

But in this case `home` is the correct verb. As a verb it has the same meaning as in the phrases homing pigeon or homing missile. Home-in is the older (by citation) and more common phrase, with hone-in probably being used due to mishearing home-in, although they could have both arisen independently.

[AlbertCory]

Hear, hear.

So is Merriam-Webster now going to say "here, here" is equivalent and acceptable?

Legalizing a hearing mistake is not the same thing as adjusting to usage changes.

[rhacker]

I suspect "hone in" is from "honing a craft" so hone in is like improving something. I would rather "home in" being for things like getting closer to being correct and "hone in" being for getting better at something.

[pessimizer]

"Hone" is from honing a blade, which is what you do to keep its edge. To "home in" on something is the process of locating where something is positioned (its "home.") That something could be "the answer" or a submarine. A homing signal is a signal you broadcast to assist others with homing in on your location.

"Honing" is more metaphorically akin to polishing. To hone a skill means to practice at it.