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Craig,
I think its good to link to relevant, top (1st page SERPS) ranking sites in your niche only when it improves your content. I also think you can over do it and dilute an otherwise positive effect. Don't link to off target stuff at all in my opinion.
I think meta keywords are helpful for adsense targeting (just a few keywords per page, not stuffing) but not so helpful for on page seo.
The description is important since a well written one listed in the SERPS is what "can" pull in a visitor.
If your site is a newer domain and/or has limited backlinks that is hugely important with Google, and also Yahoo and Live but to a lesser extent.
If you don't already have it try an addon called "SEO for Firefox". Google the top keyphrases you are seeking. This tool will show you the backlinks each site has on each page of the SERPS. Links are huge to Google for ranking.
Also, work on the 3 and 4 word keyphrases initially rather than concentrating on the major single word or even 2 word keyphrases. They will come later after success with the long tail keywords (3 and 4 word ones)
good luck,
Roger
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