The Link Directory: Just Another Form of Link Farm?

Directories are everywhere, on any topic imaginable.  As SEOs, we even promote submissions to link directories as a good method of getting backlinks.  But with more and more link directories popping up all over the web, are we somehow helping to promote a new type of link farm? A few years ago, link farms were easy to find.  Today, you rarely ever see them.  One could assume that the link farm syndrome has been cured.  Or has it?
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