"I know that bloggers say they want original content, but that’s not what they link."
From Electric Venom.
My blogroll skews toward bloggers who post original content. The upside, for me, is that i learn something new every day as i read them. The downside is that because i am learning something new, i usually don't have any contribution to make, so i don't blog about the topics they discuss. Result: no links to them.
Which doesn't mean i don't value original content. It means that the prevailing medium of exchange among blogs (links) is inefficient for measuring the full value a reader places on a given post.
UPDATE: Absinthe & Cookies discusses the same subject here.