Welcome to WebmasterWorld Guest from 22.214.171.124
If there is some site entry traffic to that url, then I still have a judgement call to make. A 301 to a relatively generic page is not going to bring much benefit to the visitor. So I reserve the 301 for those situations where there is a nicely targeted "replacement" page. After all, the 301 means that the same information is available at a new url, not "I want to hold this entry traffic in a death grip."
If the entry traffic is very strong, I would probably re-write the content and serve it at the exact same url.