The origin of the site from where the link is drawn – for example a link from google will be definitely be more valuable than a link from your personal photo and fun sharing site. The higher traffic will come from the higher popularity original link site.
Another factor is how many links are outbound from a site. The more there are outbound sites, the less will the link be valued.
A popular myth is that links actually improve your ranking with the search engines. However, this really is not the case. You will get better ranking is you have link building with sites that complement your site, and thereby create a good workable network. Your traffic will definitely increase with link building, but it will do so when you aim at people not at the search engines. When you provide value links to people, the search engines will find you faster.
To get the best value of link building you will have to work out links that are relevant to your topic, instead of requesting links from the search engines. For example, if you are selling antique beds, you could have articles that explain the quality and value of different types of wood and the types of furniture. You can then link this article with dealers of tables and night lamps, etc. Now, this will definitely bring a continuous trickle to your website.
Another type of value linking is by writing a good 700-800 words article which has links to other related sites along with yours inside its text. This indeed is accepted for publishing on related sites and since it mentioned links to other sites above that of one’s own. The value of the link building is far greater here than if you would submit a 200-300 words article to 50 different directories using your bio line in each of them.
Link value will also increase your traffic when you submit a link of your site to popular search engines, rather than what was the practice in the past to automatically link to as many free directories as you can in an effort to pull in traffic. Unfortunately, in this way you will have a lot of links true, but their value will be tied up to the value of the free directories which is not too much in the end.
One of the best ways to add value to your links is to join a related network and contribute to it. This was popular in the past by putting links sporadically in posts where your subject might be attracting attentions. However, this would not prove really useful as the traffic would also be generated by chance. If on the other hand you link to a network or networks that are related to a certain topic and provide good content, there is more chance to get people click on your link and thus increase a steady traffic of interested surfers.