You bring up a good point. As stated before, if H2 is a cheaper way to transport energy, then your house will either have an H2 line feeding it, or you will receive regular H2 deliveries. You would just fill up the car from home. There is no reason we would have H2 cars, but not H2 homes. We'll either have both, or neither.
From reading old DOE documents, the efficiency of Coal -> H2 is about 66%. With sequestration, it drops to ~60%. That still doubles the efficiency of a coal powerplant generating electricity. Capturing carbon in the process of producing hydrogen makes sense. If you can capture it, you won't emit it.
I like the efficiency with or without sequestration, but I still wonder about cost. Hmmmm ... Internet search => http://www.netl.doe.gov/KMD/cds/Disk50/Clearwater%20Conference%20Final%20v2.pdf page 21; sequestration adds about 35% to total plant cost. page 22; sequestration energy penalty is 7 percent points. Note: source says it is from the government (Dept of Energy seal) in 2007 under George W. Bush. Is it a good source? Sounds like the process needs some more research to get costs down. How would it change the equation if the US starts playing the carbon offset/credit game like the EU?