I'm a hyperlink maximalist: everything should be a hyperlink, including everything that is hyperlinked by the author, everything that isn't hyperlinked by the author, and the hyperlinks themselves. Words should be hyperlinked, but so should be every interesting phrase, quote, name, proper noun, paragraph, document, and collection of documents I read.
There are two obvious problems with this idea. (1) No author has time to hyperlink infinite permutations of everything they write, and (2) if everything is hyperlinked, nobody will know what links are useful.
But both of these issues are trivially solved if we simply begin with today's lightly hyperlinked documents, and let the reader's computer generate links on-demand. When I'm reading something and don't understand a particular word or want to know more about a quote, when I select it, my computer should search across everything I've read and some small high-quality subset of the Web to bring me 5-10 links about what I've highlighted that are the most relevant to what I'm reading now. Boom. Everything is a hyperlink.
This raises a third issue: How would I, the reader, know which words or ideas are interesting to click on?
That, too, can be solved similarly. The computer can look at every word on the page, every phrase, name, quote, and section of text, and show me a "map" of the words and ideas behind which lay the most interesting ideas I might want to know about. Links are no longer lonesome strands precariously holding together a sparsely connected Web, but a booming choir of ephemeral connections tightly binding together everything I have read and I will read. From explorers walking across unknown terrain guided only by the occasional blue text, we become master cartographers, with every path and trail between our ideas charted out in front of us.