i agree with wheel that using links to weight page quality is out of date, but i think that its time they just scrapped the whole thing and moved over to weighting pages by user behaviour.
its like this: did you see in the paper the other day that world cup guy offering to sell his vote for money? thats what links are like. that is how 'corrupt' links are. websites sell their links for money. so its not really a vote at all. their site could be a load of rubbish but as long as they stump up 20 pound a month then who cares.
and that is before we get onto things like people dropping their own links wherever they can find a spot -- voting for themselves. and links swaps -- vote swaps.
i think it was a flawed idea in the first place because only certain types of sites attract links.
ecommerce sites dont attract links as easy as information ones. and even if they do, what does that mean? lots of people have bookmarked it, which might just mean that they have the cheapest price on the net -- but is their website any good? is their service any good? you cant tell any of those things just by the price. or maybe they bookmarked it because its the nearest shop to where they live. but that is not a vote either, its just geography.
its time to dump links from the algo!