NYC-SEO
Personally, I like being listed in ODP/dmoz and believe it is a valuable link. Like anything, you cannot look at it in a vacuum. If this were the only link, it might not be as good as others with authority and less links to you. But, it is recognized as a good link and it cannot be bought. You have to have it submitted (to speed up the process if possible - they do get listed without you submitting) and then hopefully an editor will approve and you get a listing at some point.
We always submit a site after its been up three to six months or with a newer client and an older site, etc. Sometime they end up listed, sometimes they don't. When they do, I think the link is good.
On the paid side, Yahoo Directory is a similar link IMO.
Best,
Robert