We are looking at this issue as well. Our users really like this functionality
and we want to continue to offer it but we are unsure about Microsoft's plans
going forward. If they are deprecating the functionality there are no
guarantees they will continue to store the links in the profile database in
future versions of SharePoint.
Where we have landed: We are going to export User Links from our MOSS SSP
database and manage the data in custom SQL database with a custom application.
We are exploring options for the My Links button so I would be curious to see
what other companies are planning to do.