I needed to throw my input on this one with a question.
how do you know a link is useful is your question, but what you need to know is
how do you know a link is useful for "this purpose"?
"This purpose" can be many things. A general link on some unknown site hoping to increase your backlink count. Or a link to drive traffic to your own home page? Perhaps it's a link to a specific page on your site
A page is only good for the purpose it was made for.
If you want someone to buy an ad on your site and they have to make 4 clicks to get there from the home page then a link to your homepage is useless because many people will give up if they have to look for what they want.
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