The main argument for single-linking (that I am aware of): it makes the page less cluttered. BUT, this is a presentation issue rather than a content one. The wiki engine, or the theme, or a combination of the two, could address that.

The arguments against: it makes every chunk of wiki content context-sensitive on the rest of the page and less re-usable. It doesn't work if you use transclusion/templates a lot. It means you have to consider the entire page when editing a small section if you add/remove links. It means if you are reading a sub-section of a page you lack convenient links: most apparent in tracklistings but also an issue elsewhere.