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If you were to look at an established link list's referrer stats, you'd probably see.....
1) Bookmarkers
2) Link exchanges with other link lists/tgps.
3) Google traffic and other search engines.
4) A few hits from reciprocal links.
IMO the average link list will get about 1000-2000 uniques a day.
The long established link lists will get a whole lot more.
The sheer weight of backward links to the "big boys" will help them attain a load of search engine traffic. They will also get a mountain of traffic from TGPs.
Bookmarkers are probably the most valuable asset to a link list and the only way to get bookmarkers is to update regularly, which means getting a lot of submits.
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