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Does this look like a Webdesigner wanting to promote his own directory (or his most important client), but offering links from his other clients sites?
Is this obscure linkage (main site and link domain) or does it integrate well so that there is a "fair" potential of possible visitors.
PR may be an added bonus of links but "traffic" (period!) is the ultimate defining line (gain or loss) of a good exchange. PR may help in SERP's, but one link isn't going to make any difference.
1. If link domain integrated well to the main site - do the link (and forward your own design -- anchor text to them).
2. If obscure -- request a link from their main site for the same from you (but likely they will not do this so is this occurence a loss to you or not).
[edited by: fathom at 9:27 am (utc) on Sep. 5, 2002]
Short of your site being an authority on everything, we all need links, and the best links either bring in new visitors that we couldn't reach before and/or make your site memorable because you provide exactly what the visitor wants.
In some cases, if other site owners wants to limit this ability, so be it, they are limited to only the merits of their content -- at your end, you are allowing visitors to see more content which you didn't actually develop, while limiting a permanent loss.
Consider all sides... repeat visitors are more important than a one click gone visitor.