Now there's no debate that the words in the title text of a link are always going to be the most important to googlebot and all the other indexers But how useful are the on page links. Consider a directory category for something like, oooh, Central Gulf Coast, Florida. The page is optimised for "Florida" and the core subject of the directory's niche but none of the links have Florida in their title text. Has anyone worked out how much "Florida" is assigned to the link by virtue of it's being on a "Florida" page?