The Armagh-born star has now returned to the same house he left in 2012 and is surrounded by friends and family to make him feel instantly at home.
But Faloon believes the Ulster fans will see a different player to the one they waved goodbye to.
"There is no doubt I have developed as a person and a player having been away for three years," he told Ulster's official website.
"If I knew back then what I know now I would have been a much better player. I train a lot harder now and I take care of the smaller details, which I didn't do three years ago.
"I have learnt that I need to look after my all-round game and take care of every detail in order to perform well.
"I have moved back into the same house where I stayed before, back into the same bedroom, so you could say it's like I've never been away.
"It will be great to pull on an Ulster jersey again and get involved in what should be a really exciting time for the province."
Follow us on Facebook, join the conversation on Twitter, sign up to our YouTube channel for extensive match highlights and sign up for our newsletter for regular updates on the GUINNESS PRO12