I have come across a few examples, the most recent can be seen here, where a proposed edit attempted to fix a dead link. I improved the edit by choosing to use archive.org's webarchive of the page. Is this the preferred method? I figure it must be better than just linking to another blog which may (and most likely) eventually disappear. Any other best practices/approaches I should know about?
Also, here's a related post talking about the possibility of having some function internal to Stack Exchange that would search for and replace dead links with cached copies (archive.org/google cache)...interesting.