In regards to Phrase Links... I'd like to add that phrases work much better than single words.
As an example... ps3 vault (A friends site) was result #1 in google, yahoo, and msn for the phrase preorder ps3 a full 6 months prior to the launch and remained there well after it debuted. Currently it's result #3 in google but since there is no need to preorder anymore it's not a big deal
In contrast it never got higher than page 2 of google for the term ps3. Page 2 is nothing to sneeze at for 18 million + results but it is much easier to rank for phrases rather than keywords so keep this in mind when submitting your phrase link campaigns.
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