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Originally Posted by Roman
Logical knowledge of modern SEO just says that they are mostly useless. I would like to point out that most directories are not even fully indexed and so search engines might not even know about a link that is months old. Even if Google did index that page, the page still has very little power because no other sites are linking to it and even if they were it is even further unlikely that they have any relevance to your site, which is what matters. Yes, some the main page of many directories has PageRank and so it passes it down to your category, but your still missing the relevance (not only because the page has no real content, but no relevant links are pointing to that page). Submitting to tons of directories might slightly increase your site's PR, but PR is absolutely meaningless except if you want to sell links. Getting rankings on Google comes from relevant links, which assure Google that your site is what you say it is. Website directories are really a thing of the past, like meta tags.
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Those are nice thoughts and would seem logical. I would love to read more on that notion if you would be able to provide a good and reputable article about it. To totally discount the directories in link building is an irrational approach. Links, no matter where the source would be wouldn't really hurt your site. The scenario where your sites gets a fallback is when you link to a bad site.
Its true citing that PR of a page is a good indication that you will get SEO benefit, and usually the home page of the directory has the PR. But as I always see things, even if the page where your link would appear has a low PR - who knows what PR it would have in the long term. So as long as you employ proper anchoring of your keywords, it helps in your SERP.