I am working on this Top 3 Sites Webpart that saves to a list of links. I never knew that there was a variable called SPFieldURLValue that stores the description and url for the variable in a list. Here is an example of how it would be used in SPList:
Dim URLVariable as new SPFieldUrlValue
UrlVariable.Url = "http://yoururl"
UrlVariable.Description = "description for url"
ListItem = List.Items.Add
ListItem("URLField") = UrlVariable
ListItem.Update()
It's incredibly easy once you know what you are looking for. I hope this helps one of you guys working with a list of links. I know it did for me.
mosslover