FranticFish - 5:07 pm on Aug 14, 2013 (gmt 0)
Deeper: I don't know that a k/w link does the link giver as much good as the link recipient, but I do believe that it does some good.
I very rarely link out on one word; the vast majority of my text links are between 4 and 10 words long. If I were linking to an article on a medical condition I might just use the one word. But then I tend not to link to a page that covers an entire topic; I tend to link to a news article / research paper / blog post / opinion piece / whatever it is that focuses on one aspect of a topic, so the anchor text is most often a phrase or even an entire sentence summing up what I'm linking to. Most of the time the link is there to verify what I'm saying.
Sometimes these links will include keywords (or related keywords) from the topic I'm writing about, but that's a lesser consideration. I mainly make sure that they accurately describe what I'm linking to rather than what I'm writing about.