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But it's an incredibly devalued one-way link. ( And a lot of directories want recips anyway. ) Even if the home page of the directory has a PR, chances are whatever page your listing winds up on is PR 0. And it's a directory, meaning it takes about 20 seconds of work to get listed. I know this, you know this, Google knows this.
Ergo, a directory link isn't a real link. The whole theory behind links is that they're votes for good content, I might put one on my site to another page my readers will enjoy and appreciate. That's why they have value. But directory links aren't votes at all, they're just listings. You don't "get in" because you have quality content, you get in because you spent half a minute applying. The link says nothing about your site's quality or popularity, so the search engines are now treating it as such.
Besides, nobody uses directories to find sites, they use search engines. I haven't ever heard anybody say that any directory provides noticeable amounts of traffic.
Back in the late '90s the search engines weren't as sophisticated, and there wasn't as much competition on the web, but those days are over.
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