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Pros and Cons of making text links blue and underlined.

Pro: Your visitors expect text links to be blue and underlined. They expect visited links to turn purple. As a corollary, if any other text is blue, purple or underlined, that text will confuse them at first glance. 
Ted Pack

Pro: I heard that fewer internet users click on links that are not underlined, so I tested this for 5 days during a 6-week Google Adword campaign that used [http://www.dmuuc.org/uus/ a site that had only 3 obvious and prominant links]. The number of clicks on the links when they weren't underlined went down by more than half. Joyce Dowling