Well, the age of print media is coming to a close. But there’s no reason why some enterprising blogger couldn’t use the same tactic to get new subscribers. Let’s say you have a lifestyle blog targetting people in San Francisco. You could promote the giveaway through local media, posters, and many other tactics (we’ll get into these methods shortly).
That second link will still help you because it will pass extra PR to that page. But in terms of anchor text, most of the experiments I’ve seen show that the second link’s anchor text probably doesn’t help. That being said, Google is more sophisticated than when a lot of these came out so they may count both anchors. But to stay on the safe side I recommend adding keywords to navigation links if possible.
When would this be useful? If your site has a blog with public commenting turned on, links within those comments could pass your reputation to pages that you may not be comfortable vouching for. Blog comment areas on pages are highly susceptible to comment spam. Nofollowing these user-added links ensures that you're not giving your page's hard-earned reputation to a spammy site.
Search engines use complex mathematical algorithms to interpret which websites a user seeks. In this diagram, if each bubble represents a website, programs sometimes called spiders examine which sites link to which other sites, with arrows representing these links. Websites getting more inbound links, or stronger links, are presumed to be more important and what the user is searching for. In this example, since website B is the recipient of numerous inbound links, it ranks more highly in a web search. And the links "carry through", such that website C, even though it only has one inbound link, has an inbound link from a highly popular site (B) while site E does not. Note: Percentages are rounded.