Just my opinions here. I think Lowry is on-target.
The links you really want are those you get because the surfer adds your link somewhere. The old 1-to-1 reciprocal linking, or almost any
detectable pattern of linking, is a waste of time and can do more harm that good. But wasting time is bad enough.
As far as I'm concerned the only two ways a Link List can be valuable in today's Internet are either to: 1). return to it's roots and just be a clean and simple list of great porn, dropping all of the flashy ads and graphics to become a very simple list of links; or 2). become something brand new, which is not what I'd do so I'll leave that for others to discuss.
I'm thinking a very simple Link List, almost all text, designed *only* for the surfer's benefit. Make the links valuable to the surfer so they'll bookmark, return, share. Later, if the traffic warrants it, you monetize it somehow. But from day one you start building your mailing/newsletter list.
May turn out that the list is the reason to do it.
Just my rambling thoughts. © 2012