Also, if you are linking in a "wheel" or a semi-wheel (non-closed) then you want to have two links on any given post.
One link points to the money site.
The second link points to the next site in the link wheel, but specifically the next blog post in the chain that contains the next to links.
If your link wheel post points to the homepage of the next site in sequence, then you are hoping for trickle-down PR link juice to be transfered...which is more hope than strategy.
Deep linking is more natural looking and if you have your internal linking structure set up properly, you'll get trickle-down juice anyway.
If you want to pump up your homepage of any of your blogs, simply distribute out a bunch of articles and such with distribution services pointing/linking to the homepages of your various blogs. Then the inbound juice from those links will trickle-down into your wheel posts and power them up.