Custom Page Template for “Older Posts” Pages

Consider using the is_home() conditional tag to check whether or not the home page is being displayed or not.

<?php
if ( is_home() ) {
    // This is a homepage
    // Do your fancy loop here with extra bells and whistles
} else {
    // This is not a homepage (i.e. paginated page)
    // Do a stripped down version of your loop above with no bells and whistles
}
?>

Reference to is_home on the WordPress Codex