I've never used LinksToYou but my initial impression was unfavorable and my opinion hasn't changed. I first became aware of it about two years ago and I felt it was nearing the end of it's usefulness back then...
I used Buddy Links effectively for much of last year and until it was disbanded this year. My Buddy Links pages are still up and I simply edit out sites that no longer exist as they disappear. I also used Hallway Links Coop effectively throughout the same time frame.
As indicated above, HLC has just morphed to LinkTopics and I like it very much, although it's effectiveness remains to be seen. I've just deleted my old HLC pages and posted the LinkTopics pages this past week so it's too soon to tell how well it will work.
Currently, I'm also using LinkMe due to the convenience. LinkMe pages are automatically updated daily after you install a simple CGI script on your server, no muss, no fuss. I've been using LinkMe since early May. I recently dicovered that one of my sites with LinkMe pages was not getting updated due to a sign up glitch (mine). Use an FTP program to check the date on your LinkMe pages, just in case...
In the past week one of my sites moved to #1 on AV for my pet key phrase from #3 which it has owned for 6 months so I conclude LinkMe will do you no harm and likely some good.
Links popularity still carries a good deal of weight with Google for example, as a directory listing does. It's not as significant to most other SEs but it's still of limited value to most of them.