UX Movement wrote an excellent post on why links should never read “click here”.
I’ve always known this for reasons of SEO. You’re really minimizing your SEO by attaching the link to a bunch of “Click Here!” text. Search phrases are tied to link text throughout the web and you engender greater value through your link text for future searches. A thought I had not considered lies in the disconnect of content by pulling users out to “click here”. “Read the article at neatlysliced.com” ties the user to the content and flows him to the next step. On the contrary, “Click here to read the article” pulls the user out of the article and reminds him of the hardware interface he’s using to read.
Not to mention, it’s semantically incorrect for iPad, iPhone, and other touch interface users.
There are many other examples in their blog post. I highly encourage that you read “Why Your Links Should Never Say ‘Click Here’”!