Is there a way to display the same view with different pager configurations? For example have the same set up with 3 items for the homepage and full paged for a news list page? Thanks!
If you are using Panels, you can place "Content panes" with different configurations for each instance.
I've found this very useful when you want a news listing with title and image in one place and just titles in another and different number of items displayed but have the same view generate the list (for easy maintainability and overview).
I've attached an image below where you can see the pager settings set to be configurable in the View configuration. You'll need to have Panels and Views content panes (shipped with ctools) enabled to create the display type "Content pane" from Views.
If you use Content panes there are actually more settings that can be overridden in each instance of the View it's display. Here's a screenshot of what more that can be set to be configurable.
I dont think its possible, you can achieve this by adding another page/block display to an existing view and specify the pager values accordingly.
As Ursula said, When you change your pager on the second display, do not forget to change the 'for' pulldown menu on the modal window from 'all displays' to 'this page (overwrite)'. Otherwise, you changed the pager for all displays.