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I think the best homage to date was the original Varteryx release (4h Gothitropolis Raven homage). It a recognizable homage to those in the know, but also looks fucking amazing in its own right.
I basically think a good homage should be able to stand on its own two legs. If you put it in front of someone who doesn't get the reference and they still think it looks cool, you've done your job well. The problem is that a lot of creators just barrel ahead with hideous looking homages whose only merit is that they homage something.