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#6
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Yeah, I know - there are times when it "might" be useful to have a big list of external links on every single page of your site. Not often though.
Linking to external sites in articles, natural linking, is well, natural. Losing half or more of your internal linking structure's importance on a site-wide level isn't so good though. Definitely not from a SEO point of view, but I can't even see much point in it for visitors either. Try one of those hotspot tools that show you your visitor paths at some point and see how often people click on a link in a blogroll. Then add up the number of internal and external links you have on your homepage, along with the anchor text for all of those links, and you might be surprised, even shocked, by the fact that practically every "relevant" link (in the SE's eyes) is external and sucking your site dry. Most websites are like that by the way.... I'm just talking generally :)
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