Do not put your home address on any luggage in either direction. It is basically a way for any dishonest airport worker or scam artist who circulates in airports (yes, they do) to know that a house is vacant. Put your name, flight information, cell number and possibly e-mail on there (unless your e-mail will direct people to a personal web site or Facebook page that mentions you are traveling -- but then, you also should never, ever put on your page that "We're off to X tomorrow, be gone a week, bye!" because that's the same as writing "Come burgle our house, you have all week long!"). Your luggage will get home to you, if it's lost and returned, because of the bar code sticker the airline puts on it when you check it.
Definitely do something to make your luggage stand out like bright ribbon knotted on the handles or even neon duct tape stripes on the sides. Almost all luggage seems to be black or navy and you'll be amazed how much of it gets pulled off carousels at airports if you take too long to get it, and it's left sitting in a huge black-and-navy mass somewhere.
Also, put a large sheet of paper inside each case with the same information you have outside. If you are staying in a hotel you can put the hotel info on there, by the way. But never home information or anything that leads someone to your home if they can search it on the Internet.