rogerd - 3:04 pm on Apr 1, 2002 (gmt 0)

I agree with europe... Conventional banner ads get tuned out, particularly if they are located in "expected" positions like the top of the page.

That isn't to say that an attention-grabbing and relevant banner ad in the middle of a text page wouldn't do well... but in many cases I'd take the text link. (Of course, a text link in a list of a hundred probably won't generate tons of clicks, either.) In particular, if the text link is integrated into the page content, it will almost certainly outpull a top or bottom banner.