It might not be 2003 anymore, but amazingly this strategy can still yield valuable results.
We do a lot of strategic analysis for our clients and one of the things that refuses to die is the value of inbound links from relevant, local content directories. They continue to send direct leads and valuable 'link juice' to our clients' sites.
The more local your client base is, the more valuable the strategy appears to be. For example, a worldwide clothing brand is unlikely to see much benefit from it, but a local repair company is likely to see a significant impact - if it is done correctly.
We generally neglect our own promotion as we are too busy focussing on our customers, but after seeing continuing results from local directory listings we decided that it was time we got ourselves listed in a few places.
One of those is Top Reviews, and so here we are doing a link exchange like the millenium has just turned over and people are still listening to "Lose yourself" by Eminem. Oh wait....