Planet13 - 11:27 pm on Jan 6, 2012 (gmt 0)
I have a directory section of my site, so I can pass along what someone suggested to me:
If it doesn't have value (and only original content is going to have value), then noindex it.
I don't think a page with only a link and no description is going to be much value, in my opinion.
A really good directory is going to need really good content on it. You can't just spider dmoz listings / google serps and think that it is quality content.
On another point:
I think it's more than devalued links, I don't show up for my domain name even...
I ain't no expert here, but it sounds to me like you have a Panda symptom (copied content, lots of pages with little to no value), but have a non-Panda penalty.
I could be wrong, but that's what it sounds like. Hopefully others will chime in.