ESRI slipped in another nasty surprise for me in Desktop 10.2.1 -
If you spend all day creating georeferencing links and plan to do some more the next day,
you MUST save the links table ... saving the mxd does not store the displacement links.
This extra save table step was NOT necessary in previous Desktop versions, at least not in 9.3.1
So now I get to recreate 100+ links ... thanks Redlands