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Niche will convert better. But there are a few things I've found out about a niche specific link list.
It's a little harder to get subs to niche specific sites. I have a blowjobs link list, which is a pretty broad niche, but it doesn't get many submissions even though it's ranked very well for several blowjobs keyphrase searches. The index page is rocking, but the category pages aren't doing as well as I'd like. The links from the subs help the cat pages get ranked.
Category page link trades are a little harder to deal with too.
I'm not saying it's not worth doing, cause I think it is. Just a little different.
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