Wrong, wrong, and wrong.
Links are not currency. Links are part of the grammar and punctuation of writing. It's literally ridiculous to say (as Seth Goldstein claims) that
strong web bloggers no longer link
It's like saying that "strong bloggers now write in Korean", or that "strong bloggers prefer short sentences." Yes, some of them do, sometimes. Some don't.
Attention is not the problem. Yes, we're talking a lot this year about getting things done and personal productivity and trimming your inbox and your subscription list. But all this is secondary. The problem is not that we have too much to read; the problem is we don't know enough and so we've got a lot of reading to do.
That is blue text. Don't confuse the passing habits (and bad design choices) of 1994 browsers with the link. Blue links were a mistake; we can live with the mistake or fix it. Either way, we're fine. (The qwerty keyboard was a mistake. Lumber dimensions were a mistake. We all live with plenty of mistakes.)
And, underlying all this talk is the mistaken notion that it's all about traffic. Newspapers need circulation: weblogs don't. The economics of distribution and manufacturing mean that newspapers must dominate or die. It's just not true of weblogs; lots of weblogs can achieve their goals with a very small audience indeed. Even if one of those goals is money: the right readers are more rewarding than merely numerous readers.
Links explain relationships. And relationships -- in the data, and between people -- are stuff we've got to talk about.