---- Google Displaying 'Soft 404' Errors in Webmaster Tools
pageoneresults - 3:12 pm on Jun 8, 2010 (gmt 0)
pages that are 301'd to the homepage because there's no ideal place for them to go.
Probably not the best option. I've seen quotes from Google that state they do not suggest this at all. Either return a 404, 410 or 301 to a suitable replacement, the Home Page NOT being one of them. There are exceptions to the rule.