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Literal political speech, like your standing on the sidewalk saying Bush sucks, is protected. (Although using the word "sucks" in the presence of women and children would probably be a misdemeanor in some parts of the country).
However, political speech as in advertising is "protected" more in its content, not in its delivery, which is increasingly regulated. There are soft money caps on all sorts of political advertising, and if the feds want to bust a porn site that happens to have politicall links, it would probably be easier to nail you for contravention of campaign financing laws than it would be to nail you for obscenity. You may think of it as free to add the links to your sites, but if you could have made money with affiliate links, then the "free" political links can be viewed as being worth whatever you could have made with paid links. I remember during the last political election, some guy did an anti-Bush site, and the feds cracked down because he was alleged to have spent something like more than $300 on his annual hosting bill without reporting it to some federal agency...and the problem was compounded because the more publicity the case got, the higher his bandwidth bills got. Not sure how the case turned out, but it does demonstrate both the potential and the will of the existing power structure to stamp out the use of the Internet to challenge small-time individual political efforts.
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