It seems that Google has updated their Google Webmaster Guidelines by removing the area where it suggests to end users to submit their sites into The Open Directory as well as the Yahoo Directory.

Does that mean that Google is now devaluing links found in these directories or similar?

“Have other relevant sites link to yours.” and “Submit your site to relevant directories such as the Open Directory Project and Yahoo!, as well as to other industry-specific expert sites.” were the lines removed.

- Article Source: Google No Longer Suggests Directory Submissions.