When I do linkbuilding its all the time drip-fed, and usually at the beginning of the site launch (after 1 month or so). Mainly PAD, few web 2.0 and that's it !
The point is, when my site turns successful (which usually happens), I just focus on content, instead of increasing backlinks. If i do need a push, i use some article marketing and some other stuff, but mainly on my web 2.0's lenses.
Well, maybe it's slower, maybe I'm wrong, but I think it makes me more "bullet proof" from google updates & changes, and avoiding some dances.
The only downside I can think of is site flipping, when noobs prefer a PR4 home page but no visitors over PR2 with 1000's daily.
What's your take ?