I voted for the first so i could see the results, but i think its somewhere in between the two answers. In my day job, someone else is responsible for seo. He puts so many links on a page that its a wonder anyone reads it. It is too cluttered. I see the need for links, but as a web designer, i want people to actually be invited into the page, not repelled by underlined text. Its a constant battle, and i think most effective would be somewhere in between.