tedster - 5:04 pm on Jun 27, 2010 (gmt 0)
Not sure what the difference of opinion is, here. But I do know that many webmasters downplay the idea that a link and its anchor text is an on-page factor for the URL where it appears - as well as an off-page factor for its target URL.
The focus tends to be on the link's target page, at least until the host page starts to rank for the anchor text involved. This is one area where Google's dials keep getting turned a lot. The balance of sending traffic to the higher level (but linking) page or the deeper target page that is dead-on for the sub-topic.
In the case of my client, they removed three of the four content area links and their anchor text. This, in my opinion, was a stronger factor than revising the regular text copy. However, in this moment of G-Time, it seems that major revisions of any kind can give the page or site a "time out" for getting to boisterous or something.