I would humbly like to take issue with my esteemed co-moderator. ;) When linking like this:
the disadvantage is that when the content is printed the URL is not available. This can be fixed with a CSS3 rule in a print stylesheet, but that won't work well everywhere. However the big advantage of linking like this is that screen reader software gives a meaningful text description to the link rather than just a plain URL, which is particularly vital when taken out of context (when the screen reader lists just the available links on the page, for example). It is more friendly and useable for sighted users too.
disassociates the link from the anchor text, which is damaging for both accessibility and usability.
is a potential compromise: meaningful anchor text with a visible URL when printed. However the URL is visible/accessible via a
titleattribute so it may be overkill, and the repetition adds a certain redundancy. It is the search engine results page method though - an anchor with the page title, the url underneath and an associated description.
What does anyone else think? This is a good example of the many factors you have to consider when presenting your content. There is no "right" answer in many cases. :)