The issue isn't so much that the act of automatic linking is gonna be a penalty but the type of users or websites that automatic linking scripts attract won't always be "quality sites". So you can end up with links coming from a site that literally, links up anything. Which will get you nowhere fast.
Building links is a pretty simple concept, and also one of the most important for any type of seo campaign, but this is one you want to have a hand in.
Something else to consider is that most automated scripts (or services) often get installed and used as is, so if at anytime in the future google decides that this script is a common denominator in spam sites, they are easily targeted and identified, and its too late to hide it if you've been using it for years.
It boils down too, its too important to just leave it to any type of automation.
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