Natalie Davis at All Facts and Opinions spotted an interesting analysis of link vs. traffic ratings by Stirling Newberry at The Blogging of the President: 2004. Mr. Newberry, one of those folks whose knowledge I'd be impressed with were I less arrogant, does some analysis of the TTLB Ecosystem's numbers
This article ought to become pretty popular around the BlogNet.

Basically, Stirling correlates your traffic and link ranking and finds a deep, possibly significant divide between those whose link ranking is greater than their traffic ranking and those whose traffic ranking is greater than their link ranking. And by significant I mean that the data points, when looked at in this light, fall so cleanly on either side of the divide it's hard not to think you've hit on a key quality.

What impact that key quality has is anyone's guess at this point.