Typographically speaking, using underlines and changing the color of text for a link [1] is … um … ugly. Functional, yes. Eyecatching, yes. Asthetically pleasing … debatable. And for reading hypertext fiction (fictional stories using hypertext as a medium—and there has to be a better name) it can get downright difficult, depending upon the density of links (I've yet to come across any hypertext fiction [2] that has the density of links that any wiki [3] has; I've also yet to come across any hypertext fiction that has drawn me in, again, unlike most wikis [4]). So I spent some time writing some experimental hypertext [5] to see if I can't come up with some alternative methods for displaying links.
I've also added a new section [6] to my personal site [7] (in something like four years) to contain the various hypertext experiments I've done (so far, two).
[2] http://www.google.com/search?hl=en&ie=UTF-8&oe=UTF-8&q=hypertext+fiction
[3] http://www.c2.com/cgi/wiki
[4] http://c2.com/cgi/wiki?WikiWikiWeb
[5] http://www.conman.org/people/spc/writings/hypertext/fragment/
[6] http://www.conman.org/people/spc/writings/hypertext/