I think I am missing something, but a bunch of well known members at WebmasterWorld are participating in a thread named "Where do you want your link?" The thread asks, where in a specific page's layout, would you optimally want a link?
We have moderators including martinibuster and jdMorgan replying, as well as senior members pageoneresults, wheel, ken_b, adamnichols45 and others participating. Honestly, I think I might be missing something - but i'll play along.
Here is a poll (check all that apply):
To me, the answer seems obvious, but I guess the bulk of the goodies are in the discussion around the question as to "why" for each.
Forum discussion at WebmasterWorld.

Comments:
Adam
12/11/2008 01:43 pm
I'll take a link as close to the top of the page as possible. In the context first, then at the top of the side bar after that..bottom of the page third.
James
12/11/2008 03:11 pm
I feel that links on the bottom sometimes hinder there ratings.