This is one of the first plugins that I upload into every WordPress install I create.
If you must deal with a heavy load of links - you need this plugin. The features are simple and stellar: ability to organize link presentation (I dig pagination option), the category list as a drop box (I have a long list of categories), and the 'search links'. It makes my list of links usable, customizable, accessible, and inviting. I use my own link list daily - usability is vital for me.
It can be as simple or complex as you choose it to be. I like that. The default settings are fine. I tried some of the other options after I had used it for some time with just the defaults. Then you can really rock, if you want.
note: I do have a bit of trouble with customizing individual libraries - it is not quite clear to me. I mean, once I have a list of libraries, going to the section to name and customize is confusing - the top box only (with 'go' and 'copy from' buttons). I manage to do it through trial and error. That is just me though.
Thank you for a great, powerful and stable plugin!