Robby Richardson of Gospel Communication Network and Jonathan Marsden of MAF Cross Connect stepped in to conduct an impromptu question and answer session on the topic.
Discussion of Relative vs Absolute links:
If you use hard/absolute links, you can end up hurting yourself if you
ever need to move files around.
relative: <A HREF="fred.html">link phrase</A>
The above link will always look for "fred.html" in the current directory.
relative: <A HREF="../fred.html">link phrase</A>
This is also a relative link. This will go back up one directory in the
tree and look for fred.html.
absolute: <A HREF="http://www.myname.com/fred.html>link phrase</A>
This looks for "fred.html" *ONLY* off the main directory of
www.myname.com.
absolute: <A HREF="~fred/dogs/daschunds/fred.html">link phrase</A>
This will look for "fred.html" in the /dogs/daschunds subdirectory under
fred's home directory. If Fred ever changes his directory names, the link
is lost.