steveb - 2:05 am on May 7, 2010 (gmt 0)
"To what extent do you recommend this"
I'd reccomend linking to your pages with the text that best describes the content of the page.
Forget all the "oh it happened 1 time out of a zillion so we can never do that" FUD. Help your visitors and help the search engines. If a page is about Red Widgets, then link to it with that text, not some other bit of unnatural nonsense created to avoid nonexistent problems.
"even without Home Page links that use keyword anchor text."
So what? It's foolish to make something that is easy be harder for no reason. This isn't 1999 when people used all kinds of bad practices. Use of "Home" as link text sends no helpful message at all. If you are stuck in 1999, fine, use it. But it has no value and there are better ways to do it.
While nervous nellies and those trying to pretend their spammy website is actually a quality one will disagree, it is never too late to construct your good website even better.