I guess since I dug myself into this commenting on @Federico's answer, I should state my position on this. I don't feel that linked text "ruin the flow of a post". Indeed, I feel like they improve posts. I like the edits @GypsyCosmonaut made to this post (not to mention his/her cool moniker), which seems to be the one in question.
That said, I think this is really just a matter of personal preference and likely as controversial as brace position in C, C++, Java style programming languages. People read differently, and I'm sure to some, linked text is a distraction. Further, I can see this becoming onerous for moderators as the number of participants (and thus edits) increases. Lastly, I will certainly respect the consensus if and when I'm one of those entrusted with the edit approval responsibility.