Scott Berkun:

The better the writer, the better the job he/she does at anticipating questions or making sure the links are worth the cognitive cost of forcing the user to decide to click or stay.

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All  choices writers make have cognitive tradeoffs. Readability, a simple filter that makes pages easier to read, is a surprisingly good alternative to many website and blog designs, but for the better writers on the web, it takes away more than it gives.

via The tradeoff of the hyperlink « Scott Berkun.