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One plus is that you can often control your link text more easily in a niche directory than you can in Yahoo or LS. That is, Yahoo may restrict your site name to "Acme, Inc." if that is the company name, while you might get "Acme Steel Widgets" into a smaller directory that's not as fussy.
Niche directories that have spiderable pages and links are clearly more desirable than ones that have dynamic pages with complex query strings and impenetrable script links.
If i'm contracted for 100 links I'll do that plus maybe 30 directory listings on top that I never counted.
No wonder clients keep coming back!:-)