A WebmasterWorld thread pulled out some, not specifically related to the link buying debate but related to overall Google SEO concepts.
Google's Matt Cutts told the NY Times reporter:
One piece of advice I give to S.E.O. masters is, donít chase after Googleís algorithm, chase after your best interpretation of what users want, because thatís what Googleís chasing after.
Besides for spelling SEO weird, the advice is nothing new but something SEOs should really think more about.
Instead of being reactive to Google, be proactive - think where Google is going and go there. Yes, you are kind of chasing the algorithm that way, but think beyond the algorithm and chase after what Google wants.
Easier said than done - but many SEOs take this avenue, while others don't. I am not saying what is best, it depends on the long and short term goals of your campaigns.
Forum discussion at WebmasterWorld.