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Ross, it's kind of a loaded question you are asking. In terms of SEO, it's a long term investment. And it can certainly be costly. Certainly varying "experts" will give you varying, and often times conflicting answers.
There are two people in this industry I have known for eons. And both are extremely good with what they do. Adrian (adultseopartners) and Jeff (debauchery). If you are not already using them, have a consultation with them. If you need their direct contact info, PM me.
Now, that said, I certainly can't speak to anyone else's experience and/or business model, but my own experience, and the reason I believe we hardly ever have any openings ourselves for links (and thus the reason I don't make a thread every few weeks trying to sell a link), is because the people who buy up our links have a very targeted plan in mind and a dedicated annual budget. As an example, I think we've had only one navlink come available, for example, in the past 2 years, perhaps even 3 years.
I've been selling links on my sites since before it was "fashionable", with some clients dating back with us, and still with us, for last 12 years, renewing every year like clockwork.
My point is, in all cases of the long term people we have as clients, they have a couple of things in common. One glaring one is their targeting. They have identified a segment of demographics they want to attract, they have a varied assortment of links (not just all one type, they have links on high content density site, and tube sites and blogs, etc... not all authoritative sites and some with dofollow and nofollow in their profile), and they do not rely strictly on hardlinks. They acquire short term gain links and traffic, as well as those with longer gain targets in mind. And the links they do buy are typically on sites with strong demographics and who are not just selling to anyone (their words, not mind... they prefer sites who are picky about who they sell to).
In any case, give those Adrian and Jeff a holler and at least speak to them. They're the cream of the crop, in my opinion. And honest.
Good luck.
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