Remember when considering the value of a link is that all links are not handled quite the same. When we ask about things like whether a link is site specific or page specific, it's a good thing to remember that a search engine does not really see a Web site or even a a Web page.
Here is a tip that I first learned from Semantics and linguistics expert, Michael Marshall... "From a simple minded search engine robot's perspective, the whole Web is seen as a world made up of URLs."
That said, deep linking is good and it's fair to say that a link is page specific.
Reciprocal linking does not have quite the same value it did years ago. In a way, it is good to link out based on other pages that are related to a similar topic. But if you link to them and they link to you, it somewhat nullifies the value. Not always, but sometimes. The other thing to mindful of is that sometimes if you link to a Web site and are not aware that that site is participating in a link farm or doing something else against Googles Webmaster Guidelines, that you could end up being penalized for linking to that site.
Google says that if a nasty site links to you, that's beyond your control, but anyone you link to is well within your control. For example, it could be something that is not readily evident to you, for example suppose you link to a Webmaster who makes a habit of buying high PR links.
There have been cases where people are flagged because they are linking to shall we say "bad neighborhoods."
Use wisdom when you link out.
Your next free SEO Tip is coming quite shortly and I'll share a little more along these lines.
Like the only REAL magic - the magic of knowledge.