Quote:
Originally Posted by martinsc
from my opinion:
linking from the picture - more traffic
linking the sponsors name or "JOIN [SPONSOR NAME]" - better ratios, less clicks
linking keywords - I use these for internal links 
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What he says.
I try to mix it up. I sometimes have the pic link to the paysite tour and sometime it links to a gallery hosted on my blog (this helps with time spent on site and pageviews)
Ratios were better when I was linking directly to the tour, but now with the changes made by Google, I try to keep the surfer longer on my site. This has improved my SERPS a bit, but not my ratios