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JuniorOptimizer - 7:20 pm on May 14, 2005 (gmt 0)
Natural, semantically-related varied anchor text seems best these days. This is all IMHO and YMMV.
Personally, i feel "late acquisition rate" is a real part of the algo, but I think even more importantly there's an "exact anchor text match" penalty, that hits for the phrase you're targeting.