Edited: One point is that Hodge's original version of the conjecture was wrong, and in a couple of ways. See You do need rational coefficients (integral is too much to ask for, see ref below). Also a more general conjecture of Hodge fails: see
http://people.math.jussieu.fr/~leila/grothendieckcircle/HodgeConj.pdf
for one of all the all-time great disrespectful titles. You do need rational coefficients in short. (Hodge was a major innovator in algebraic geometry and complex manifold theory: but his theory needed plenty of work, particularly I think from Kodaira, before it became clear foundationally. The same is true, perhaps in spades, for Lefschetz.)
Edit: At the level of linear algebra, Hodge theory deals with a vector space with a double grading. Using the heuristic grading = concept of homogeneity, the subspaces of (p,p) type in Hodge theory can be picked out by the use of the circle group, as Freed does. Really (pun intended) there is a bigger group with two dimensions involved, the group of non-zero complex numbers under multiplication. A shallow remark is that these two groups control the linear algebra in Hodge theory. A deeper remark is that the vector spaces involved also have a rational structure, coming from the concept of integral cycle in topology. The interaction of the groups with the rational structure isn't shallow at all.