Deciding on anchor text for content-based backlinks
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So you have a decent blog on the other side of the world ready and willing to work with you. Their content relates to your industry, and you're going to be allocated a lovely page of content, once a week, with a link or two back to your site.
Do you think anchor text is still as important in May 2012 as everyone said it was three years ago?
How do you determine what anchor text to have based on your answer to the question above?
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Absolutely anchor text is still important. Google will even use anchor text to tell if a page is relevant even if can't crawl the page due to being nofollow or noindex.
In a blog you would want to consider organically using anchor text. Your links should be part of a sentence few words or so and vary but be related.
A couple examples:
Recently while remolding my 1955 Desoto I had to find a power steering kit to work with my FIREDOME 4.8L 291 engine, I found it local shop Ronnie's Deals for Wheels.
The second thing to note is you should probably limit the amount of links per article to 2-4 as to make sure the link juice and context is maximized.
Hope that helps.