I would disagree that being in a program with night float would make you less likely to see your family/kids. I went to a school with night float and matched at a program without, and at this point think I would definitely prefer night float.
This is obviously program dependent, but when you're on night float, you're not assigned to a service during the day, so expectations for you end at 5-7 a.m. Your hours are usually Sunday to Thursday 5 p.m. to 7 a.m., giving you a 70 hour week. When you just have regular call, there is definitely a tendency for attendings and other residents to "forget" that you were on call last night, and you end up sticking around much later than you should. Most of the residents not on night float were out of the hospital at 5-6 at the latest, leaving you ample time to go home and eat/play with the family before reading for your next day's cases.
Regarding home call, I would definitely not fall for that. Home call is code word for no relief from the 80 hour work week. You could be answering pages from nurses all night and not close your eyes once, but because you were home, you're there all the next day (or at least expected to be). In my mind, the AAOS or RRC or whoever it is needs to take a very close look at programs with home call and how they really keep residents under the 80 hour rule. I knew full well going into residency that it was going to be tough and I have no problem working 80 hours a week. I just didn't think that I'd signed on for much more than that. Beware the tales you're told on the interview trail and do your own investigation and thinking before making your lists.