The links are valuable for generating traffic, but only if they survive the drop. Generally, Google listed links do not count for Pagerank, and oftentimes stale links get dropped off by the originating site administrator.
Also- if people have the site in their favorites list, but upon coming there find that the old blog is now an advertising site, they will generally eliminate it from their favs.
You could, of couse continue the blog and use the traffic for advertising and/or linking purposes. However properly maintaining a blog can be a lot of work.
I hope this helps a little!






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