...and usually a backlink.
I know, there's a lot of fine places, I have a list of OK directories myself.
But if I look at which of these rank for the keywords I target, it's usually the ones that have no OBLs and walk a tight line in between a PR sink and an "authority" site.
The ones that provide the best links usually don't really send much traffic, while the ones with such redirects are "popular" enough to actually send some interested people.
The SERPs aren't exactly in line with what I'd call editorial quality, but whatever. I just submit to both types... the only problem is that it takes twice as much effort. Soon enough there won't be such a thing as a "lazy SEO/SEM".
edited: although I'd need to check if that's still the case, for this update seems to prefer a list of related links better than the actual sites with content, so older, I mean old fashioned directories may have regained some of their glory.
[edited by: Miamacs at 10:30 am (utc) on June 22, 2007]