Originally Posted by marketraise int

Yes.Quite right.Google first shocked those who purchased and sold links in the October ,2007 update when it didn't count the links that were purchased from directories via paid or premium subscriptions.It made it clear that any subscriptions or trading of links without the adsense account will not be legitimate by Google.Directories that sells links will have their ISP'S banned and websites that purchased the links without their adsense account will not have the links counted.So you either have an adsense account.To be more cautious it has already conducted two updates in two months already this year compared to three updates for PR last year and four the year before.