its a very good tip... mainly the reasoning on how its easy to swap out hundreds of links easily.... although you could search and replace in your database too if need by...
i've always liked this 100% automatic plugin;
http://w-shadow.com/blog/2007/07/28/...for-wordpress/
I know it doesnt give you easy control over where the links point, but i have a technical background and a couple programmers on staff that im sure would easily search and replace (grep) if i ever needed... never needed to though.