What are the top directories?
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If I was going to submit to 5 directories where would you recommend?
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You could have a look at the list here:
Andy
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I believe it depends on your industry. However, the 2 I believe most everybody should be in..
dmoz.org -free
http://dir.yahoo.com/ -$299 per yearHope that helps,
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Great link! So to confirm, if our site fits into this niche, then submit the website to that directory? I'm confused because I thought web directories were bad?
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Not all directories are bad - Just the spammy ones that serve no real purpose

If you can find one that fits your niche, it's a good move to include yourself.
Andy
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I was under the impression that was an outdated list... no?
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Without clicking on each link, I can't tell you if the directories still exist.
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I would suggest that it would be vertical specific. But, if you are open to spending the money we suggest Yahoo Directory ($299) and Best of the Web (typically 99. to $150.)specifically. As to the dmoz mention, two things: while you can submit to DMOZ, you are not guaranteed to get into it and it often takes time, the second is I am still surprised by the people who utilize noodp, noydir. When you use those meta robots you block anything from those links. The reason for blocking is past based on my experience. I see sites with DMOZ links and they have noodp. (no open directory project - DMOZ).
For local, restaurants must be in Yelp, CitySearch, etc. (and some others - I am making a point about given verticals).
Always go for the BBB, Chamber of Commerce, etc. if you are a local business as these are high value links. Understand there are rules for each (BBB most cities you must have a site/business up a year, etc.). I think over time we will see more directories like these counting and less of the others.
As to the SEOmoz list, it is not bad in my opinion. I think these things are changing as fast as updates from the zoo. (Pandas, Penguins, etc). My hope is that Yellow Pages, Avvo, SuperPages, etc. go straight to, uhhh purgatory. They got in early and they are worthless in my opinion. The bigger issue is when they duplicate the clients content with cut and paste and the client doesn't do business with them. But, they got the early links all over the web and on Places, etc. because people were simply unaware.
As long as there are humans who are curating the directories there is the chance they will have value.
EDIT: Tate Larson has a list of 7 good ones here: http://www.seomoz.org/q/the-ultimate-top-10-directory-list
Hope this helps.