What's the value of a single link?

Today I'm carrying out an experiment, to see what the value of a single link from my blog to a client site is actually worth.

Mactaggart & Mickel Homes

Having posted the link in this blog post, the aim is for me to measure:

1. How quickly a hyperlink to the site is recognised by the popular search engines
2. The direct traffic this delivers
3. The potential impact upon organic placements (if any)

Note:
I will post on any findings I undercover (if they are allowed in the public domain)