Link Love and a Robot called Google
There is really no such thing as a Do Follow Link. Links are automatically followed unless there is a nofollow tag added to the link.
Over at the jimsmarketingblog.com Jim Connolly does a great job of explaining the do follow link on his blog at: http://jimsmarketingblog.com/2008/12/19/link-love-google-and-spammers/
Jim shares some great information on Google and the do follow link.
Google is said to penalize pages with too many outgoing links so if you offer do follow or link love as it is sometimes called, your page ranks will go down. We can’t do everything to please the robots though. In my opinion it is more important to please the internet user and reward them for sharing. The group over at google has the same philosophy, so in my opinion they will eventually reward instead of penalize pages like this.
I use a plugin called CommentLuv , which attemps to find your last blog entry and post that as a dofollow link. So if you put in your main blog url it will use rss to find and use your latest blog entry. Its a great way to get high quality inbound links.
As for the extra spam. its still filtered and watched manually.