Should bought links be counted?

I have read a very interesting post in webmasterworld about pros and const link buying
There are many oppinions. From the Search Engine point of view bought links skew the results when counted as they are not necessary relevant or “best” resources in terms of quality. However, the webmaster spend time (and money) to have them listed, thus the information should have at least some credability. Additionally, webmasters can “vote” for any site by linking to it.
I think that linking context is important and bought links should have less weight if they are not in context or not related to the original page content. Perhaps they have not be treated separatelly than other links, although I do not think that readers would follow links that are in the bottomline of the page often. So, in simple terms, bigger weight should have clearly seen page links with rich description. Site-wide, small-text links should be unrated/almost unrated. I think search industry is going in the same direction.