Hard-coded tracking is the best. Use all other means like cookies, ip's etc.. as additional to compliment the core hard-codedness.
You can see in a standard XPays account how we trap surfers in the webmaster's directory with us. That includes every link in the whole network tracking for the webmaster including the webmaster referral link and exit's and 404's. sample:
http://www.xpays.com/clients/00025/xx/list.html