One of the things I have noticed in this site, and in others I have started is how effective linking other people can be, especially blogs that show track backs. People follow these continuing commentaries to find out what other people’s opinions are, and discover new resources related to their favourite subjects.
You will notice the traffic boost more in a small site just starting out, but nevertheless, there is an increase that can be very worthwhile.
There are so many articles out there warning against outbound links, and how they can drain some of your Google PageRank, but early on, this shouldn’t even cross your mind. Your site will only become successful if people read it, and so you primary concern should be getting traffic. Also, the more you link to other sites, the more likely they will be to link to you.