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for my part, I count those sort of links 2 for 1 in my banner / sponsor link per page thing. You can have two of them in place of a banner.
Rotating the text might run you into some problems. I see those some times, and I get a little worried that I am not able to review the site completely, because the page keep changing. If you are going to do something like this, keep the layout and appearance of the text the same in all cases, and don't change from list to table to 3 across to 3 down etc - all of the text should look the same every time I load the site.
You might also have issues if one of your sponsors isn't welcomed by one or more of the link sites. They can pull ALL your sites on that, which you don't want.
If the destinations pages are on another domain, I don't really care what is on them as long as it isn't illegal or linking to a banned sponsor. Providing the text links isn't so blind as to cause confusion.
Alex
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