The only thing I've been able to test about this is that Google seems to value links in the content area of a page more than anywhere else. Footer links, navigation area links, side margin links - those don't seem to have the same power for the target site.

But when there is more than one link within a specific area of the page, I haven't seen that the first link has any more power than a later link.

Ditto to what tedster says....in-content links RULE. Also, don't get caught up in getting your links added to links, resources, etc pages...they have been devalued as well.

so are you saying that people who blog about my site and include a link in the blogpost is more valuable then say a link on the home page of the site?

A home page link is valuable but it really depends on it's placement...footer's and sidebars are typical of text link advertisers so I personally believe it's simple for google to devalue based on it's location on-page. Home page links within the content are a good link but I think your better suited getting a link that is about your topic from within the body of their copy to your content. Blog spam comments (and or anchor text) are also targeted I believe from Google now or so I believe but I'm just like you offering you my opinion so take it like a grain of salt. Try things out yourself and see how it works for you. Honestly the most powerful link your going to find is from your competitor's website from within the body of their content linking to your content, but good luck on that. :) Find relevant websites that will use your "on-topic" link to your "on-topic" destination URL and wait a few weeks.

so are you saying that people who blog about my site and include a link in the blogpost is more valuable then say a link on the home page of the site?

Also, make sure the link is do followed as most blogs are now standard "nofollow" which gives you absolutely no link juice!

[edited by: MLHmptn at 12:25 am (utc) on June 13, 2009]