Good thing you brought that up. While FFA link pages are easier on the webmaster, I don't recommend them. Too many spam them and you don't want that. If the site you plan to link to is truly good enough, you should have the energy to link to them.
Originally posted by Lorina
I use my links page for some affiliate programs (my site's about dating, so some links to personals ad sites help pay the bills!), some sites I know my visitors would enjoy, sites of my friends, and sites that have linked back to me.
I wouldn't recommend a free-for-all links page, but a handful of well-chosen links can't hurt.