Web Page Ranking Using Link Attributes, the WLR Algorithm, as referred to over at the Search Engine Watch Forums, is the next topic referenced by Orion. This topic, relative to the others, seems a bit easier to understand. The paper, 2 pages long, explains a concept of applying weights to links based on the HTML attributes surrounding those links. So a link surrounded by a header tag will be worth more then a link surrounded by no tag at all.
For those algorithm junkies, it looks a bit like this:
W(j, i) = L(j, i)(c + T(j, i) + AL(j, i) + RP(j, i))
where given a link from page j to page i:
L(j, i) = 1 if the link exists, or 0 otherwise T(j, i) = a value that depends on the tag where the link is inserted AL(j, i) = the length of the anchor text of the link divided by a constant d RP(j, i) = the relative position of the link in the page weighted by a constant b
Members are discussing this topic now at the WLR Algorithm thread.