Sgt_Kickaxe - 6:23 am on May 9, 2010 (gmt 0)
Well well, all of the finest SEO's have come out in this thread.
Tedster is right, linking to authority sites on the subject of your page makes sense for visitors and so it is slightly rewarded as well. It's not who links to you, it's who you link to and no site can be an island.
Many people I'd consider the best and brightest do this which is why they've already adapted a tiered approach to linking to other sites. Tip of the day: don't link to the source from your articles, link to a page on your site ABOUT the source and have that page link to the source instead. You get credit for the link and pass a little less pagerank to it. I've been doing it since long before techcrunch launched crunchbase to accomplish this very thing.
I apologize to any new SEO's who are reading this post, it does you a disservice. The more people know the harder it becomes to outrank others and yes, I know of an even better way of linking out or I wouldn't have posted that tip. Rankings are money to many, myself included, and while I think it's healthy for all sites to improve it's still a business to many and you won't find all of the trade secrets on WW. My advice is to test, learn, retest and keep learning... it's a lifetime course.