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I use directory submissions a lot, to get my sites going. I do some link exchanges on linkpages and some content links for seo. Most of my sitewide exchanged are for traffic, not for serp benefits.
I actually was successful with some "dollar link page" submissions. They boosted my PR and serps quite a bit at the time I did them. Havn't done that in a while though.
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Cheers, John Irving: My Blog
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