I always felt that text links are the way to go.
However, sometimes it is user friendly to put a large group of links into a drop-down list. I know that Google indexes the links and text, but how much value does it assign these types of links compared to standard links? How is anchor text affected?
My feeling is that it would be a double loss. First one looses because the text won't be controlled. There would be no font size, bold, or general text bonuses. Second there could be less value assigned to the link. However, this is just spectulation.
I would like to hear other opinions. Thanks :)