Au contraire, you have this completely backwards. "De-valuing" instead of penalising will inevitably mean a shift back to a link buying free for all where people use a shotgun approach of buying links in bulk and hoping that some of them benefit their site's rankings. After all if there is no penalty, there is no downside apart from possibly wasting a little bit of money on some proportion of links that aren't beneficial. The end result is a focus on link acquisition instead of content quality, which was how things were before sites started to be penalised.
On the other hand I would welcome them scrapping the penalisation thing because I am all too familiar with being deliberately attacked by scum like the Affactive criminals with 10s of thousands of extremely bad links. Penalisation has created cottage industries of negative
SEO sellers and "clean up" services.
Google is damned if they do, damned if they don't.