Should the long read lengths allow error correction to work well if there is sufficient coverage?
These have proven harder to correct than simple substitution errors - this is both a fault of the bias of existing tooling, and also a difficult problem in general. Roche and other companies have had a lot of smart people working on this problem.
Increasing coverage will definitely help resolve these errors, but the coverage required may be such that it's more cost effective to use a more traditional sequencer.
A homopolymer is when you have stretches of the same nucleotide, and the error is miscounting the number of them. e.g: GAAAC could be called as "GAAC" or "GAAAAC" or even "GAAAAAAAC".
I'm not defending nanopores here, frankly I'm not convinced about them yet.