OMG, this is the most comprehensive link building article I have seen so far. One of the co-author is the legendary Aaron Wall. Link Building... Time-intensive. Frustrating. Sometimes confusing. Yet Unavoidable. Because ultimately, it's still the trump card for higher rankings.
What will happen to the way search algorithms score links is already happening. The Google algo has become much more elegant and advanced, devaluing staggering amount of links that shouldn't count, and placing more emphasis on trusted links. And the trust and juice given by those links is then verified by elements like user data, domain age, and other relatively hard-to-spoof factors.
But please, don't fool yourself. Links that should count are still the key to rankings (in Google, at least — and MSN and Yahoo! are only a few short years behind). In that spirit, Aaron and I have created our 101 Ways to Build (and Not Build) Links in 2006. (Yeah, it just so happened that there were exactly 101!)