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I have no question about the relevance boost that anchor text from a high PR page can provide. I've seen it, very clearly, with both internal and external inbound links.
A relevance boost from link context is something I believe in but haven't directly observed. My guess is that it's not as strong as the boost from anchor text, but I don't know. How much different, eg, is:
www.widgetworld.com - Large and small widgets
from...
Large and small widgets from www.widgetworld.com --?
On the forums in the past, I've theorized, but only theorized, that, for the purposes of interpreting ODP listings, it might make sense for the algo to weigh the text following the title link text more heavily than the text preceding the title link text. The text that follows would logically "belong" to the title, whereas the text that precedes would not. This would make sense in a directory... might not make sense elsewhere.
Any thoughts? How does allnearanchor work?
PS... I'm not talking about page or site context here... I'm only talking about the text context surrounding a link.
Click here for more information on blue widgets.
For sure this link must count in some form for "information on blue widgets".
I agree with your observation on directories having their most important information in the text following the link, as webquotes [labs.google.com] also suggests.
Links in body text would probably carry the sentence as relevance.
I guess a simple test could prove several variations to allnearanchor.