Index: wp-includes/links.php
===================================================================
--- wp-includes/links.php	(revision 2980)
+++ wp-includes/links.php	(working copy)
@@ -529,7 +529,7 @@
 	$cats = $wpdb->get_results("
 		SELECT DISTINCT link_category, cat_name, show_images, 
 			show_description, show_rating, show_updated, sort_order, 
-			sort_desc, list_limit
+			sort_desc, list_limit, text_before_link, text_after_link, text_after_all
 		FROM `$wpdb->links` 
 		LEFT JOIN `$wpdb->linkcategories` ON (link_category = cat_id)
 		WHERE link_visible =  'Y'
@@ -548,7 +548,9 @@
 			echo '	<li id="linkcat-' . $cat['link_category'] . '"><h2>' . $cat['cat_name'] . "</h2>\n\t<ul>\n";
 			// Call get_links() with all the appropriate params
 			get_links($cat['link_category'],
-				'<li>',"</li>","\n",
+				$cat['text_before_link'],
+				$cat['text_after_all'],
+				$cat['text_after_link'],
 				bool_from_yn($cat['show_images']),
 				$orderby,
 				bool_from_yn($cat['show_description']),