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Several years ago there was a lot of talk about point ratios between unit types for army lists, what is the modern logic on this? For example, some people would say that they would usually try to use no more than %30 of their points on heroes, %25 on rare, ect. Does anyone use this logic when building armies, and what are the choices that you are making.

Generally speaking, I try to avoid using too many points on heroes, though it's hard to avoid doing so, especially in Magic-Heavy builds. Depending on the army (TKs come to mind) or points level (I assume you mean for standard 2-3k games), you may just need to invest more than 1/3 of your points to Heroes.

It's hard to not have more Special/rares than Core, I find, if only 'cause most (not all) core just lacks the 'oomph' needed to go up against other lists. High Elves (what I play), for instance, are clearly geared to having lots of Specials, especially considering their extra allotments of Special choices and decreased Core requirements.

I don't actively consider setting points limits to sections of my army lists, but I do actively try to avoid making up lists that appear to min-max things.

I haven't played my Chaos army yet, but I have been putting some lists together, and I have found getting under %30 is pretty tricky. I think that I need to abandon this particular restriction. Core tends to eat a lot of points, but not as much as special thanks to Knight units.

In the warriors of chaos book i find its really hard to get "cheap" good heroes and lords, if your going to make them worthwhile they usually have to have a mark, favour of the gods and at least one or 2 magical items, plus of course mounts; mundane items/weapons, and with a fairly high base cost its going to start eating a fair chunk of points.
I think WoC is going to be one of those armies that your characters are going to cost ALOT of points compared to the rest of you army.

Just one question what do you run as your lords/heroes like a Daemon prince or Chaos Lord, or a bunch of lower lever heroes?

Well, take this with a grain of salt as I have no experience with this army, but I am leaning towards going with several hero level models, rather than a lot out of the Lord category.

A Sorcerer Lord will be a must in larger point value games.

The DP has been getting a lot of flack in the scene, but I would like to find a way to use them some time.

Well, it's only 1 Lord for 2k.

As has been said previously the ratio between elements varies with different armies.

OnG have been a example of a army where you can get away with minimal investment in heroes. The other end of the spectrum have been undead and chaos armies. Of course going magic heavy means that a lot of points are invested in sorcerors and bound spell items.

It depends on your army, if you are an O&G army you'll be cheap on Lords and hero or two, but if you are, (anything) of Chaos, it will soak up points... Same can be said for High Elfs, tons of points in special, almost nothing in core...

I look at comp more like, how far did someone wander away from the cookie cutter list, the further away it shows me they either have to think more or like the units they use = better comp scores, but that's me, and honestly I'm Polish.