Hold the front page - a link to a forum instead of a blog!
At WMW, sugarrae makes a great post in the Link Development forum - Link Development vs. Traffic Development and Staying with the Times.
Another in the ever-more-common 'new SEO is no SEO' series, there are lots of nails in the coffin of cruddy links, auto-gen and ROS schemes, although she does concede that big scale full-on bombardment can still work. For now.
A long post, I loved it. Lots of quotable stuff, so I'll just throw in one from towards the end:
The best part is that all of these ways of developing traffic have the side benefit of doing exactly what you wanted to do with traditional link development. By aiming for traffic, you end up acquiring (purposely anyway, scrapers will continue to exist) a dream team of inbound links for SE purposes.
Nice comment from jcoronella too :)