I think the Key part of the question here is, when it comes to SEO.
Inbound IS far more important. Remember its like the reality show survivor.
I've read both debates about getting your blog in directories. and to be quite honest I'm uncertain which side of the fence to sit on, on this. Does google treat directories like FFA's? Im not an algorithim mensa member. But on theother hand if some floats by your blog and posts it on their directory then you're in that boat... Its a strange and uncontrollable factor you cant control who links to you. So if someone with a pharmacy or casino site links to you are you slammed by the big daddy G? who knows.
As for the blog roll, blogging is about sharing at least I maintain that idea. So I have lots of out going links and I do link out quite often. If I get lower rankings so what , really.... I write to inform and share. I dont create for the SE's I create for people. I dont pretend to know what the SE's like. I sometimes think they dont know what they like.
Just my .o2$