It has been widely noted in SEO forums (and I agree) that a link from a site whose links are organized as a "web directory" IS ignored.
If this is the case than why do directories show as backlinks and pass PR? I have witness from another real estate forum, they offer their members a directory listing and those seem to pass as a BL and PR.
By "web directory" I mean where they have multiple categories not related to the actual theme of the site - so if a real estate site has a links directory that has categories for travel sites and health insurance sites etc. - you probably get no benefit from the exchange.
I can see where this might delute the theme of a website but I disagree you get no benefit. There are to many sites out there with purchased backlinks from sites and directories that have no relevancy to the site they are linking to. Yet I could point to a few sites that rank very high in Google that practice this type of linking.
IMHO I believe that a search engine bot/ Algo calculates the relevancy based on the text on the page, title tags, other links on the page and their text, plus the meta tags. With this being said, the new algo Jagger seems to be a lot of weight to directories again. In several real estate markets I have noticed a few directories climbing up the serps. Just my 2 cents.