Wow! Anyway, yes it does have quite a large impact in on-site seo terms - not having text on the home page. Seeing as most SEO campaigns rely heavy on "off-site" link building, its not the be all and end all, it just makes the job harder as theres no search relevancy going on onthe page.
Heres what to do.. Have a look at some AJAX scripts that hide text and drop down when you click on them so you can keep the home really clean with just pics, but have the text there in the background as well.
Also.. do your keyword research and add your meta tags.