Links. WTF.

[SubStandard]

Is there any published data to show user activity as it relates to various link styles?

For example, do text links perform any better than graphic links or do animated affiliate banners work better than than subtle image-links?

[kinkyplace]

Try all of them and make your own study.
I think it cannot be answered generally - it all depends on what kind of traffic you have, the whole layout etc.

[Darkhorse]

I think it depends on the layout of the site/gallery, try a few different things and see what works for you.

There are a few sponsors that allow you to see how you get your hits, such as Silvercash.