infp - 10:18 pm on May 30, 2008 (gmt 0)

Actually, a "Privacy" link from the homepage or first prominent page is NOT the only way to "conspicuously post" a privacy policy. You can comply by posting a "functional hyperlink that is so displayed that a reasonable person would notice it." No other conditions are specified (as to whether it must be on the homepage or not).

Emphasis mine:

(b) The term "conspicuously post" with respect to a privacy policy shall include posting the privacy policy through any of the following: (1) A Web page on which the actual privacy policy is posted if the Web page is the homepage or first significant page after entering the Web site. [You can choose not to comply with this if you want.] ... (4) Any other functional hyperlink that is so displayed that a reasonable person would notice it.