Well all that would do is set your respawn point same thing a bed does. I think what their looking for is a mod that will allow them to do /home and teleport to their house like in most Bukkit servers. I'm sure there is a mod out there that does what your looking for. Check out the mods section --> http://www.minecraftforum.net/forum/56-mapping-and-modding/
Well i have a bed.Still a spawn point. true. but only way i can get there is if i die. Im trying to find a 1.6 way to return home if im somewhere underground. Without losing my items but swan diving into some lava.