General web directories are a waste of time unless you can afford to hire real editors who can discern between nonsense sites and quality. You also have to be willing to reject sites, and require that your editors reject sites.
Niche directories can be extremely valuable. I like to build them by hand though. No directory scripts for me, thanks. (I know I'm hopelessly old-fashioned.)
Michael Martinez wrote a neat blog post at SEOmoz about "elite directories" one time. I really like that concept a lot. Seems a lot more manageable to me, and more fun too.
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