nickreynolds - 8:42 pm on Mar 5, 2012 (gmt 0)
Tryting to read this carefully.
It's about "characteristics" of a link to tell us "what the linked page is about"
This would indicate it's about accuracy of what the page is about rather than simply a scoring factor for search positioning. I agree that something to do with anchor text is most likely. Could be to do with anchor text which is the same as the title of the site linked to, but that anchor text may not be relevant to the specific page linked to. Just an idea.