Strategies for using outbound links
My strategy has been to interweave the outbounds throughout the site. I also build pages that are specific to resources, favorites, etc. I've not named a links page links.htm in over 4 or 5 years. Never had any problems getting them indexed or getting respectable PR for them (in Google's case).
On my resources pages I like to use an or structure. Fashion your resource pages like the SERPs (title/description/image) and I think you'll be one step ahead of the game. I also like to include a small Logo of the linked resource. That provides brand identity for the resource and adds a little more credibility for you and your resource.
No more than 20 outbounds from a single page. If you can keep it to 10 or less, that is even better.
Don't exchange links just for the sake of exchanging links. Normally the type of campaign discussed in this thread is done automatically using a program. It is now 2004 June, this is a strategy that has very little if any positive return. From my perspective, it is a dated strategy and one that produces mostly garbage pages in the SERPs.
If you find resources that are of value to your visitors, then by all means link to them. Follow the above advice from others in regards to bad neighborhoods. Most of your bad neighborhoods are going to come from your automated link exchange program.
Once you link to those resources, don't expect a link in return. And don't threaten a webmaster with removal if they don't link back to you, it's the worse thing you can do!
Be very careful with the number of inbounds links you get in a given period of time. If you suddenly jump from 50 inbounds to 500 inbounds, I believe that is going to raise a flag somewhere (it has been discussed here recently).
Stay away from all of the PR hoarding tactics. Provide a simple text link to your resources.
Stop sending out automated requests for link exchanges. A personal link exchange request between your property and one that you feel is of value to your visitors is in order. It's not the number of inbound links, but the quality of those inbound links that counts.
Expect a linking campaign to be long term. Slowly develop your outbound links. Spread them out across your site. You know, the "don't put all of your eggs in one basket type of thing".
The above are just a few things to consider when growing your resources. Too many people are focused on the numbers thing.
Also, if you are using the generated output of an automated link exchange program, don't expect any long term success, or even short term for that matter. These types of link directories are getting purged from the index daily. Roll your own resource pages. Those automated link exchange programs leave easy to detect footprints. If you don't change the footprint, you will fall prey to whatever filters are in place to detect them.
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