Jim Boykin had a great post I saw today on expert link building. I wanted to chime in and profess my love for link building. Honestly Link building is my first love in seo and like Jim I get sometimes lonely when I am spending most of my time running 97th Floor and not finding links.
To me there is nothing more gratifying than grabbing a sweet link in virgin land. Finding a relevant page that has had an article on it for 5 years and happens to only be linking internally to other articles or products is like getting that lottery ticket for the 25 mill. pot. Then picking up the phone or shooting off an email to hear the sweet words of, "that would be a great site to reference on that page I will email you when the link is up." In my link loving world there is nothing better.
Part of the love is from the anticipation of the aftermath. Once you see that the link is up you are waiting for the next cache, and you are checking your analytics for referral traffic. It is a beautiful thing really, and worth the hours spent emailing back and forth with a college professor, or site master who didn't know he could get $40 for a mention to another site in his article.
If you don't love link building I suggest panning it off to someone that does, focus on what you are good at. If you don't you will get desperate and find yourself saying, "I have gotten no links this week for that client, I'll just go to DP and Sitepoint and buy some crummy sitewides on whored out seo'd sites that have been live for 8 months."
I guarantee you one link from the skills of the link sensei will out perform your 12k links from overnight sources today and 10 years from now.