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Well, traffic is always the most important consideration. But the simple truth is that there are only between 4-6 linklists that send so much traffic that they are important, and by traffic alone they engender loyalty.
After those top traffic lls, the factors that engender the most loyalty for me are:
1. they treat their submitters fairly, and don't bury/hide the links in an attempt to strip every last signup off the traffic before deigning to let the surfer see our sites.
I'd rather submit to a site that treats me fairly and sends 10 hits a week than to a site that treats me like I'm a sucker and sends 50. And I'd sure as fuck rather put a fair person in the same table as greeny, tommy, and penisbot.
2. they review regularly, reliably, in a reasonable time, and accept pretty much every site once they know you, and aren't assholes about little picky shit.
alexa, PR - well, one is aware of such things sure, and they might affect being willing to test a site, but they don't in themselves mean enough to obsess over.
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