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Directory links definitely can help your PR if the webmaster is discretionary about what is being added. 10 million listings promoting everything from gold watches to free viagra is not helpful either to the directory or the sites desiring promotion IMO.
I just launched CostaRicaRealEstateInvestments' dot com, as an informational resource for people needing help with real estate investment information for Costa Rica. The site has active paid promotion and will have all of it's link outs screened for relevance and quality (Must be Costa Rica, or Realty related). If you have a site that might benefit, listings are free.
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