It's been months since I revisited the value of linking out, so it was great to stumble across this post by Publishing 2.0 (via Martin Stabe), which contained too many eloquent lines on the power of the hyperlink to include them all on del.icio.us. My favourite parts:

The reason Google’s search results often contain more blogs than traditional media content is that blogs were the first to harness the power of the link. Blogs linked to other blogs, while traditional media brands remained disconnected silos. Savvy web users — many college age or early 20s — pooled their links on Digg and developed the power to drive server-crashing volumes of traffic, forcing traditional media sites, who still lack such influence, to plaster themselves with Digg This buttons...

Whenever I give talks to traditional publishers who have been afraid to link to other sites because it will “send people away” instead of keeping them trapped in the publisher’s own content, my now standard response is to say that there’s a site that does nothing but link to other sites — all it does is send people away. And yet remarkably, people keep coming back. So much so, that this strategy has translated into $10 billion+ in advertising revenue. (Yes, Google of course).........