As a surfer, I dont really like long lists of links bunched together, makes it much harder to read them. I like to break mine up like you mentioned, link directories, link partners, friends. I also list them alphabetical, though from a past post, most dont do that. It me it just makes the links easier to read and I think the blog looks better overall, more ogranized. Not just a bunch of links thrown on the page. Though many webmasters rank them off traffic, the surfer does'nt know that or care, looks like a mess to them.
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