I have always been a linkbaiting loser, because my sites are almost all reference sites. It's difficult to do linkbaiting in my boring reference niches.
But... I have done well a few times with some super focused linkbaiting. A few times I have found high-PR pages that link out to other good pages -- and then I have created pages for the sole purpose of collecting those links. It can be a great way to get a high-PR link from an authoritative domain at a very low cost -- and one that will easily pass a manual review by Google.