I've been reading this thread with interest, wondering if I should post my thoughts (which are a bit jumbled). I've decided to jump in.
I don't make a lot of free sites anymore and when I do I find it to be a chore. I feel like I'm jumping through a lot of hoops that weren't there when I started. Yes, I remember the old days (which, for me, was in 2000) and it's hard not to get nostalgic.
I feel like the free site format has calcified, and that's a problem. There's no room for originality, for coming up with different ways to entice a surfer to buy. The strict format of four pages and only three outlinks per page means that making free sites is a "factory" process, one that suits the reviewer rather than the builder or the surfer. This, of course, reflects that the linklists have more power than the submitter.
(And I suspect this knowledge is why every man and his dog (and me) has now opened a linklist).
I have no solutions, of course. I fully understand why all the rules have evolved and the current situation with a million cheaters bombarding linklists, but I just feel the need to express a frustration at the stagnation that's occurred.
The other thing I think about is how Google's changes affect the linklist world. The reciprocal link thing is not working anymore. The idea that a single freesite might receive search engine traffic seems pie-in-the-sky sometimes. The major linklists get all the SE traffic because they're older and have built up more one-way links. So is there a new way to link and be listed that will benefit both parties? I have no idea.
Like others I don't like the hype surrounding the term "Web 2.0" but it's worth discussing where linklists and freesites fit in with blogs, social networking sites, video sharing and user-generated content.
Regina Lynn at Wired makes a really good point in this article:
http://www.wired.com/culture/lifesty.../sexdrive_0809
Porn is hamstrung when it comes to newer web technology because of two things - the 2257 laws and a desire not to lose control of copyrighted material.
All the new Web 2.0 thingies are about getting stuff for free. Some days I feel like hiding under my desk because I worry that the subscription model is old hat (it's not, of course, that why we still make money). Linklists are still about giving stuff away for free but, as has been mentioned before, it's not instant.
I'm not sure where I'm going with any of this, it's off the top of my head. I'll just post it anyway, might add something later.