Of the key insights of Google was to realize that links were not just
pointers or bookmarks: they also implicitly convey an endorsement, a
"vote" for the pointed-to entity.
With the advent of blogging and social networking sites, there seem to
be 3 distinct flavors of links emerging. New generations of link
analysis tools must be aware of these flavors in order to fully
understand what information is being conveyed by the linkmakers. Lots
of people seem to be talking around this and even building tools to manage it (Ziki, Wink, etc...) but I haven't seen anyone spell it
out, so here's my shot at it.
1) The Pointer Link
This is the link we all think of, the link that was envisioned back
when they were called "hyperlinks". It's basically a citation, like an
footnote from an academic journal.
English translation:
I
examined the exact content I am now pointing to, and I found it to be
worthwhile. It's worthwhile to go there.

A normal pointer link in a blog post.
2) The Subscribe/Friend/Trust Link
These links are the hallmarks of RSS and social networks. These links
are not endorsements of the exact content pointed to, but of the
author or creative
source represented by the link.
English translation:
I
often examine content that comes from this source, and I find it to be
worthwhile. Further content from this source is probably also
worthwhile.
Note that this type of link talks not only about past
content from the author, but is also a prediction that future content
will also be worthwhile. (As Seth once said about subscriptions, it's a
promissory note for attention that will be paid in the future.)

Blogroll on
Guy Kawasaki's blog

My friends on MySpace
3) Identity Link
These links are maybe the newest to grow in importance. With the
proliferation of content creating platforms, it's becoming more
difficult to tie your online identity together. People must now create
"identity indexes" that list who they are on different services.
English translation: "I
create
the content at this source, and take full responsibility for it."

Guy Kawasaki
identity-linking to his page on LinkedIn

Fred Wilson identity-linking to his del.icio.us profile

The identity-linking Wink-widget
Anti-Links
If I had to bet, I'd say the next important step in linking will be
anti-links. In the real world, you also often recommend
against things and
clarify who you are
not.
For example:
- "Did you hear that Mary is now into multilevel marketing?"
- "Scrubs used to be funny, but now it sucks."
- "My name is Michael Bolton. ... No, not the singer."
There are only a few parallels to this in the online world.
- rel="nofollow"
: This microformat in a link indicates that the author does not endorse
what is pointed to. It was developed to solve the problems of
links in blog comments. If a commented leaves a link, the author of the
blog does not want to endorse whatever the commenter linked to. (Okay,
not really an anti-link,
more of an un-link.)
- rev="vote-against"
: This microformat in a link indicates that the author activly
recommends against
what is pointed to. It is not really supported, however. (Except
by Lijit!)
The most widely used anti-links come things like the anti-phishing
features of Firefox and IE, the "dangerous" sites of
SiteAdvisor , or
the ad-blocking lists like
Filterset
G. (Why do we allow anyone with a web page to create positive
links that contribute to (for example) PageRank, but we leave the job
of anti-links to "professionals"?)
As more people get online and more and more web services are created,
there are bound to be more username collisions. For example, this
bfeld is certainly
not this
bfeld,
and this
stan
is not this
stan!
Conclusion
Google changed the world by realizing and exploiting the extra semantic
information in those newfangled "hyper links". I think successful
companies of the future will learn to read a new generation of links
that are even more meaning-laden that their forbears.
Of course I hope Lijit is one of those companies. :) We're certainly on
the right track.

The graphical shorthand we use expressing these relations
and to work out complicated
situations:
NIce grafix
NIce grafix