Using Google Webmaster Tools, I see that 2/3 of my total inbound links from other websites are pointed to my home page, and 1/3 are "deep links" pointed to inner pages. Is there a "conventional wisdom" concerning what is a good ratio of deep links versus links to the home page?
If that is natural linking its good. Well, one good "ratio" would be to give enough deep links to your pages so they start to rank, if thats what you want.
Just think which pages would be best to be seen in the search results. If users are best served by seeing the homepage in results most of the time, focus on linking to the homepage. If it's best, however, to direct a search query to a specific inner page - building links to that page with appropriate anchor text.
Using the Long Tail of search as my methodology, I am moving closer to a 10:1 ratio - 10 deep links for every 1 link to the home page.