I would like to have a slideshow with pagination on my homepage. Should I use Views Slideshow or is there another Module which is flexible and will give me the ability to add a slideshow block?
You can use this module http://drupal.org/project/views_galleriffic ,its nothing but the support module for views . You can customize the slideshow with thumbnail,content of slideshow,prev ,next button and pagination through view fields.
I use EntityFieldQuery which is part of core and can be faster to work with and to run for many simple use cases like slideshows than Views - http://drupal.org/node/1343708
I personally love the carouFredSel slideshow - http://caroufredsel.dev7studios.com/
Edit: EntityFieldQuery is only part of core in D7