To tell the truth, the current use of mame's deadzone isn't the same as it was earlier. It used to be designed to do both the analog-2-digital 4/8 way conversion point, and to stop accidental just off center drift. Currently -joystick_map has mostly taken over the analog-2-digital conversion, with more flexiblity; however deadzone still has effect (if the deadzone is bigger than the joystick_map's center.
Still, mame's default value is the same as it was, and IMO 30% is much higher than needed to just cover wandering or off centers, even for the worst cases. Something all people using analog joysticks 270 steering wheels, and joystick (positional) guns should decrease.
I usually recommend setting the deadzone between 0.0 to 0.05 because I don't know how off center the user's hardware is that the deadzone has to cover. If the hardware is perfect, zero is fine, but even the best devices sometimes need a little deadzone. (A setting of 0.05 will get a 12x12 square deadzone around the center in positional gun games. edit: 12 out of 256 input values per axis that is; it has nothing to do with the resolution.)