Well... that's your experience, not mine. Internal link text is onsite optimization and with enough content you can generate unlimited link text which has just as much value as link text on any other page... since value depends on the value the SE puts on a link from a specific page not site. Off or onsite a link is a link and intenal link text is optimization moreso than directory submission is SEO... not to say you do that! To me site & link architecture, topics and application choices for content is 90% of SEO the rest is for the wannabes and know it alls. If I can generate a 10,000 page site with good link text and contextual linking a few links from a few authority sites and you are good to go... if they are deep links then... you're rockin' it hard! I agree links are a part of the puzzle I just don't see the puzzle as one piece! I'm sure you don't either.

__________________
Follow me on Twitter! On the Trail with SOSG How I became a Social Media Convert and Twitter and Agents of Influence and now regular poster at Cloudmixer where We're Mixing New Media Ideas.